This panel brings together industry leaders to explore innovative strategies for creating and preserving affordability through workforce and other affordable housing solutions. Panelists will share market-driven approaches, creative financing models, new capital structures, policy initiatives, and collaborative partnerships relevant to today’s evolving housing landscape. Attendees will gain insights into emerging opportunities, effective preservation strategies, and examples of successful collaboration.
 

 THE ISSUE

• Over 845,000 units (roughly 1/3 of stock) scheduled to lose affordability requirements between 2024 and 2035.
• The aging LIHTC program and rising housing costs affect both residents and employers, with implications for workforce attraction and economic stability.
  • Boston Federal Reserve describes how rising housing costs have affected their ability to attract workers.
• Efforts to preserve affordable rental housing are hindered by:
  • Qualified Contracts (QCs) allow owners to request release from rent restrictions after 15 years;
  • Restrictive policies that undermine strong ownership and make it difficult for committed buyers to acquire and maintain affordable properties;
  • Operating costs increases due to natural disasters and a property insurance crisis, threatening the stability and preservation of existing units.

SOLUTIONS

• Creative financing and a mix of funding sources, including housing trust funds, flexible preservation funds, tax credits, and special loan products, which help cover acquisition, rehabilitation, and ongoing affordability requirements.
• Robust data collection to identify at-risk properties, coordinated policy efforts among government agencies and stakeholders, and outreach/technical assistance to educate owners and tenants about available preservation options.
• Affordable Housing Credit Improvement Act (AHCIA) aims to produce an additional 1.6 million affordable housing units over the next decade.