More Than Just Shelter: Preservation Transactions Reflect Heavy Emphasison Energy Conservation,Supportive Services
By Caitlin Jones
1 min read
Tax Credit Advisor, June 2011: Advocates and developers see continuing opportunities in affordable rental housing preservation transactions, with energy conservation and services to enable residents to “age in place” as major themes.
Reasons for increased opportunities include:
- Prevalent support in states’ LIHTC programs for preservation projects;
- The increased supply of LIHTC equity;
- More need. A recent Harvard report says the median age of the nation’s rental housing stock has risen to 38 years, and the gap between the supply of affordable rental units and the need has widened (see article on p. 6);
- Excess housing units (i.e. foreclosed homes) in many markets;
- More nontraditional gap funding sources (e.g., Neighborhood Stabilization Program); and,
- Less problem with neighborhood opposition, or “NIMBYism,” since the buildings already exist.
