Broward Housing Council Newsletter -Spring 2014
Newly Published Reports
“The Housing Affordability Challenges of America’s Working Households”
The study, published by Center for Housing Policy, analyzes U.S. Census Bureau housing data including rental households’ specifics, housing costs, and renter incomes.
- In 2012, 22.1 percent of working households were severely cost burdened
—25.4 percent of working renters and 18.6 percent of working homeowners.
- More than one in four working renter households spends more than half of its income on housing.
- Rising incomes and declining owner costs modestly improved affordability.
- Renter income rises, but affordability still a challenge as rents continue to increase.
- Loss of low- and moderate-income working households obscures affordability challenges.
- The lowest income households face the greatest housing cost burdens.
- High housing costs and low incomes remain significant challenges in many states and metro areas.
- Metro Areas in California, Florida, and New York have the greatest affordability challenges.
Read study: www.nhc.org/media/files/Landscape2014.pdf
“Bending the Cost Curve: Solutions to Expand the Supply of Affordable Rentals”
Enterprise and Urban Land Institute/Terwilliger Center for Housing published a report based on their investigation of affordable housing development cost factors and subsequent proposed actions for affecting change within the current system.
The report examines and offers solutions to the five most common cited cost drivers for developing affordable housing, which are: project scale. project design and construction. Finance and underwriting, program and investor requirements, and state and local requirements.
“Bending the Cost Curve” then identifies six practical recommendations which serve as creative solutions to combat dwindling public funding sources in order to provide for the increasing need for long term affordable housing. The recommended actions include detailed explanations of how to coordinate, collaborate, eliminate obstacles, and improve fluidity of project management.
Read report: https://s3.amazonaws.com/KSPProd/ERC_Upload/0086703.pdf
“Preserving Housing Credit Investment”
Enterprise Community Partners presents their findings of local and state housing agency review of the Low-Income Housing Tax Credit (Housing Credit) program. The Housing Credit program began almost 30 years ago and now over 80,000 Housing Credits complete their 15 year agreement yearly. Statistics gathered for the report represent Housing Credit property affordability, physical condition, financial condition, capital need, key challenges and best practices. The report concluded that the Housing Credit program continues to be very successful. Most properties have remained affordable and in good condition; the challenge will be to maintain and improve the properties over time.
The Low-Income Housing Tax Credit (Housing Credit) is the nation’s largest and most successful affordable rental housing production program. Since its creation in the Tax Reform Act of 1986, the Housing Credit has meant:
- $100 billion in private investment capital leveraged
- 2.6 million homes affordable for low-income families
- 95,000 jobs supported annually
In 2010, 50 percent of all multifamily housing starts were financed through the Housing Credit Program. (Source: National Association of Home Builders)
Read report: https://s3.amazonaws.com/KSPProd/ERC_Upload/0083269.pdf
“A Profile of Housing and Health Among Older Americans"
The Seniors Housing Commission published a report in 2002 informing Congress of the housing and health needs of America’s population seniors. Research Institute for Housing America has recently published a report re-examining seniors’ housing and health needs using data from the 2010 Health and Retirement Study (HRS). “The paper is designed to lay out basic facts about the current state of housing and health among older Americans, and should be a useful statistical reference for policymakers, advocates and media interested in these issues in an aging society.”
• 80 percent of households aged 55 and older are homeowners
• 44 percent of older renters spend more than 30 percent of their annual gross income
on rent resulting in a lack of affordable homes for seniors
• Accessibility modifications and safety features is a necessity for seniors
(who are prone to falls)