Horizons Fall/Winter 2019

income units to help cover some of the national shortfall in affordable housing.

Affordability restrictions on 533,000 LIHTC units, 425,000 project-based Section 8 units, and 142,000 other subsidized units are set to expire within the next 10 years. This is the case even though LIHTC projects experience lower vacancy rates than market rate units across the country. Hopefully, income averaging will help offer flexibility to make affordable housing projects more feasible financially and impactful to communities. For more information, please see the 2019 Apartment Statistical Analysis. RubinBrown provides this publication to use as a development and management tool to compare financial operations to the operating results of peers to help address the national affordable housing shortfall.

Affordable Housing Shortfall & RubinBrown’s Role

The National Low Income Housing Coalition reports that the gap between supply and demand for rental units affordable and available to very low-income households is 7.7 million. According to the Joint Center for Housing Studies of Harvard University, this shortfall could become much worse given threats to the affordable housing supply. Unsubsidized low-income housing units are under constant threat of being lost to upgrading or removal, while subsidized contracts are at risk of converting to market rate units.

REAL ESTATE SERVICES GROUP

RubinBrown has developed a strong reputation nationally as a leader in accounting and advisory services. Today, we provide specialized services to more than 2,000 real estate entities. For more information, visit www.RubinBrown.com/RealEstate

Bryan Keller, CPA, CGMA Partner-In-Charge Real Estate Services 314.290.3341 bryan.keller@rubinbrown.com

Tim Anderson, CPA Partner Real Estate Services 314.678.3545 tim.anderson@rubinbrown.com

David Herdlick, CPA Partner Real Estate Services 314.290.3383 dave.herdlick@rubinbrown.com

Fall/Winter 2019

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