More than 43,000 housing units in 980 properties across Pennsylvania are at risk of losing their affordability in the next decade, according to new study.
That’s about a third of the existing federally supported properties. While some have renewable subsidies, most will need additional support to extend their affordability and remain in good condition.
Released by the Pennsylvania Housing Finance Agency (PHFA), the report is the first step in creating the Pennsylvania Affordable Housing Preservation Tracker that will be a searchable tool of publicly financed rental housing subject to one or more affordability restrictions administered by the agency. The tracker is scheduled to be available next year.
According to officials, more than 180,000 affordable rental units in a total of 2,885 affordable developments across the state are supported by federal funding, including low-income housing tax credits, HOME funds, and project-based Section 8.
"Understanding the current stake and future risks of affordable housing is critical because housing is core to the strength and stability of residents and business," said PHFA executive director and CEO Robin Wiessmann. "This report provides a comprehensive look at where the needs exist for new investment to preserve affordable housing and what tools are available to ensure a development isn't lost from the inventory of much-needed housing."
The report, “Understanding and Preserving Federally Supported Housing in Pennsylvania,” was produced in collaboration with the Housing Initiative at Penn.
Key findings include:
- The average Pennsylvania county has 23 federally supported properties and 1,029 units;
- More federally assisted units are on track to have their affordability restrictions expire than new units being built through federal subsidies;
- Given rising rents and costs, even flat-level funding may have a negative effect on properties that rely on federal funding to maintain affordability, putting pressure on operating budgets or reducing the number of units which can be supported;
- In 17 counties (both urban and rural), expiring units represent at least a third of all currently federally subsidized units; and
- Forty percent of currently federally supported units in nine counties are set to expire in the next decade.
Insights from this study will be used by PHFA and many partner organizations to guide and prioritize investments in housing across the state.
The full study is available online.