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The average American working family can not afford modest rental housing.
Housing costs continued to rise faster than wages and the cost of other goods during 2003, according to the National Low-Income Housing Coalition. The national housing wage increased 3.7% from 2002 to 2003, while inflation was only 1.8%.
There is not enough affordable housing.
The number of affordable housing units for "extremely low income" individuals—or those with less than half the median income—dropped by 19 percent in 1990s, according to HUD .
There is a lack of new affordable housing production.
Without the sufficient production of new affordable housing units, housing costs will continue to rise. How do we stimulate the production of new affordable housing?
• LIHTC, the Low-Income Housing Tax Credit, program provides
an incentive for private investment in new affordable housing. The program is
responsible for more than 30% of all multifamily housing production each year—
contributing to the production and preservation of 110,000 affordable housing
units each year.
• The creation of a National Housing Trust Fund has been proposed in both
the House (H.R. 1102) and the Senate (S. 1411) "to produce, rehabilitate, and
preserve" 1.5 million units of affordable housing over the next ten years.
Affordable housing trust funds already exist in more than 280 states, counties,
and cities. [The Nat'l Housing Trust Fund Act of 2003 (John Kerry, D-MA)]
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Keywords: Affordable Housing, Housing Wage, Low-Income Housing Tax Credit (LIHTC)
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http://zfacts.com/p/609.html | 01/18/12 07:28 GMT
Modified: Mon, 17 Apr 2006 17:51:22 GMT
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