Thoughts from the Road

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3 min read

As NH&RA’s Executive Director, I’ve enjoyed getting out of Washington and into the field periodically to learn about what our members are working on, the local challenges that they are facing, and the development opportunities that they are finding.

Last week NH&RA hosted an affordable housing update and networking event in Minneapolis for current and potential members in the region. At this event I learned of some trends that I’d like to share and point out how they connect with some current national trends.

Wells Fargo economist Anika Khan, one of our speakers, noted there is still great uncertainty about the national economy, both in the short and medium term. Recent announcements by Fed Chairman Ben Bernanke regarding an imminent end to quantitative easing have already begun to affect the market, and we can expect interest rates to continue to rise. This isn’t good news for NH&RA members. But there are other national economic and demographic trends that suggest growing demand over the long term for affordable rental housing.

As members of the Millennial Generation come into their own, the combination of their housing preferences (mobility, downtown New Urbanist locations) and hefty college/consumer debt could potentially create a large new wave of renters. We’ll likely explore this topic further at the 2013 Annual Meeting of the National Council of Housing Market Analysts in October (see back page ad for details).

The keynote speaker at our Minneapolis event was Mary Tingerthal, Commissioner of the Minnesota Housing Finance Agency. In February, NH&RA hosted a symposium on senior housing development opportunities, and I was excited to learn from Mary that Minnesota’s policy leaders, faced with the state’s aging population, are engaging in some creative thinking to identify opportunities to better coordinate their state-funded housing, healthcare, and supportive service programs to create greater efficiencies. States and public agencies across the country are grappling with this same issue, yet there is surprisingly little dialogue or information-sharing at the national level on strategies to effectively combine health care and affordable housing resources. From talking to agencies and practitioners, I’ve come to believe there are many opportunities to combine and leverage Section 8 rental assistance, low-income housing tax credits, and Medicaid dollars, and for developers to partner with local hospitals, medical educators, PACE centers, and others to create service-enriched affordable housing – where the services are funded – in ways that simultaneously reduce state healthcare expenditures.

This fall – at the NCHMA conference and elsewhere – we’ll be expanding our focus on this topic and convening additional thought leaders to explore best practices, strategies, and opportunities for affordable housing professionals.

After all, even as we work on our current housing projects and deal with present challenges (budget cuts, tax and housing finance reform, etc.), we need to remain nimble and be alert to better, new ways of doing things. If we do so, we can transform present challenges into future development opportunities, and improve the well-being of Americans as well.

Well, that’s my to-do list for now. My feet are getting itchy again for the road.

Thom Amdur is Associate Publisher of Tax Credit Advisor and Executive Director of National Housing & Rehabilitation Association