In California, there are more than 31,309 homes at risk of losing affordability in the next 10 years, according to a new report from the California Housing Partnership.
As many as 4,749 homes may no longer be affordable as soon as next year.
These units could follow the path of 22,078 affordable units that have been lost between 1997 and 2002 due to expiring regulatory restrictions or owners deciding to sell or allow their properties to convert to market-rate housing, according to the Partnership, a nonprofit that provides on-the-ground technical assistance as well as policy leadership.
The at-risk multifamily homes include low-income housing tax credit properties with expiring regulatory agreements, properties with expiring federal project-based rental assistance contracts and/or Department of Housing and Urban Development maturing mortgages, and those with other expiring or local, state, or federal regulatory agreements or maturing loans.
According to the report, state leaders can take action to preserve the existing homes by aggressively enforcing the State Preservation Notice Law, expanding funding for affordable housing entities to purchase at-risk developments, and creating incentives for owners of at-risk developments to sell to affordable housing entities.
