Report: Thousands of Affordable Units Could Go Market-Rate as Tax Credit Deals Lapse

March 1, 2018                                     By: Jarrett Murphy

A new set of threats to affordable housing is looming in New York City, thanks to the Trump administration, the real-estate market and time itself, according to a report released Thursday by the Community Service Society.

Data from CSS/Chart by City Limits

The administration’s proposed cuts to the Section 8 program could cost the city tens of thousands of the federal vouchers that make the math of affordable housing work for many low-income families. And the expiration of affordability agreements tied to Low-Income Housing Tax Credits could mean thousands of other units end up on the open market, with the Trump tax cuts making it harder to issue new credits that close the gap.

Those worries add to existing concerns about Mitchell-Lama developments and project-based Section 8 buildings going market rate. Nearly a third of the 119,000 units in those programs shed their affordability restrictions between 1990 and 2008.............Read More