As the 30-year term of the Low-Income Housing Tax Credit expires for many affordable housing units, the families living there face steep rent hikes and evictions.
Hundreds of thousands of affordable housing units built using the Low-Income Housing Tax Credit (LIHTC) could lose their affordability requirements as the 30-year term of the program is set to lapse, according to an Associated Press report by Jesse Bedayn and Arushi Gupta.
By 2030, some 350,000 units could lose affordability, with the number growing to 1 million by 2040. The article notes that some units are kept affordable after LIHTC requirements by various other government subsidies or private landlords, but the loss could be devastating to those households that need affordable housing most.
Some state and local governments are taking steps to mitigate the crisis. In California, LIHTC projects must stay affordable for 55 years and tenants and cities have the first chance to buy the property if it comes up for sale. However, the article notes that most states have not extended the 30-year agreement or taken other steps to keep housing affordable beyond LIHTC limits.
FULL STORY: Takeaways from AP’s report on affordable housing disappearing across the U.S.
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