Affordable housing offers low-income individuals and families the ability to reside in quality rental properties at price points within their budgets, while also providing developers and investors with the opportunity to give back to impoverished communities, and earn a profit.
Some of the more well-known economic benefits attributable to the acquisition, development/rehabilitation and ownership of affordable rental housing include:
- The developer’s ability to acquire and then sell/syndicate low income housing tax credits (LIHTC), the proceeds of which, together with other financing, can be used to pay for the development and/or rehabilitation of affordable rental housing;
- Access to below-market state and federal loans and grants; and
- Lower vacancy rates, due to the demand for affordable rental housing.
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