Healthy, Well-Designed Multifamily Projects Can Also be Affordable

October 30, 2018                   By: Travis Gonzalez

Woodlawn Station - Courtesy of Skender

At Woodlawn Station, residents have access to a computer room, a roof deck and a community room. On the first floor, 15K SF of retail will play host to local businesses. The complex's design is modern, with metal panels on the exterior, exposed ductwork, white concrete ceilings and kitchen islands made from recycled materials.

Some of the apartments even have a view of Downtown Chicago.

This isn’t a Class-A apartment high-rise cropping up in one of Chicago's wealthiest neighborhoods; it is a mixed-income development set to revitalize the Woodlawn community in Chicago's South Side.

Woodlawn Station, and similar projects across Chicago and the U.S., have started to embrace designs that go beyond simply providing a shelter for an underserved population. They are creating amenities that improve the well-being of the communities the developments serve. For Skender, which served as the base building and interior construction manager, Woodlawn Station is a testament to how smart design and efficient construction practices can improve how developers approach affordable housing projects................. Read More

What Happens When Affordability Restrictions Expire for Half a Million Homes?

October 22, 2018                By: Jared Brey

As rents continue to rise more quickly than incomes across the U.S., cities have become increasingly focused on affordable housing: How to pay for it, where to put it, and how to keep it from disappearing.

(Credit: NLIHC/PAHRC)

Hundreds of thousands of affordable units created under one of the biggest federal housing programs ever could start disappearing soon, in a manner of speaking. According to a new report from the National Low Income Housing Coalition and the Public and Affordable Housing Research Corporation, nearly half a million units created with Low Income Housing Tax Credits (LIHTCs) could be lost in the next ten years.

Most LIHTC (“ly-tek”) units are required to remain affordable for 30 years, the report notes. The LIHTC program was created in 1987, and the affordability requirements have started to expire on the first funded units. Between 2020 and 2029, more than 485,000 units will reach year 30, and could become unaffordable to low-income residents — including their existing tenants — without additional subsidy, the report says................Read More

Nearly 500,000 LIHTC Units at Risk of Being Lost

October 18, 2018                      By: Christine Serlin

Report details challenges of properties reaching Year 30 between 2020 and 2029.

Almost half a million low-income housing tax credit (LIHTC) units will reach their 30-year mark and the end of their federally mandated affordability restrictions between 2020 and 2029, according to a joint report by the National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corp. (PAHRC).

Daniel Yentel

According to the report, this amounts to nearly one-quarter of all current LIHTC units. These 486,799 LIHTC units, which are located in over 8,400 properties, do not receive other types of subsidies that would extend their affordability. In addition, without new capital investment for rehabilitation, these units also are at risk of physical deterioration.

Based on data from the National Housing Preservation Database and other sources, Balancing Priorities: Preservation and Neighborhood Opportunity in the Low-Income Housing Tax Credit Program Beyond Year 30 details what’s at risk, the challenges that lie ahead for preserving the existing affordable housing stock, and solutions for a housing safety net.............Read More