Joe Ventrone’s Post

This is a really important topic that affordable housing stakeholders need to stay out in front of. When advocates talk about affordable housing today we tend to emphasize how supply constrained the market is and how we need to build 3 million new homes to meet demand. While we absolutely need to build more housing, it is also essential that we ensure there are adequate resources available to preserve and extend the affordability of the existing affordable rental portfolio. We owe it to the residents of these communities to reinvest in their homes as the age so they are maintained at a high level of quality and remain affordable in the long-term. Compared to building replacement housing preservation also an efficient use of scarce government resources. I commend The Associated Press and Jesse Bedayn and Arushi Gupta for their thoughtful coverage of this issue. As you can see from their data the scale of the challenge is large and so we will need a big solution. This includes Congress expanding existing resources like the LIHTC and PABs for preservation and I also urge my friends at the state housing finance agencies and National Council of State Housing Agencies (NCSHA) to consider to invest in a long-term strategic preservation plan to ensure that they have identified their most high value community assets and their most at-risk communities so that they can plan accordingly. During my time at National Housing & Rehabilitation Association I developed a series of metrics to evaluate the preservation risk of a portfolio. Ping me if you are interested in learning more.

I’m grateful for the opportunity to share my perspective on the current challenges facing affordable housing within the District, in the latest bisnow article.   Right now, thousands of income-restricted apartment units are at risk of exiting the market due to rent delinquencies, pandemic-era eviction policies, rising costs, and misaligned regulations. This is not just a problem for a few—it impacts everyone. When affordable housing shrinks, it puts more pressure on market-rate housing, increases homelessness, and destabilizes neighborhoods. Affordable housing developers, who play a critical role in ensuring housing access for low- and moderate-income families, are struggling to continue their mission.   The time for action was yesterday. Affordable housing developers are facing significant challenges in providing safe, accessible homes. Without immediate intervention, we risk losing a substantial portion of D.C.'s affordable housing stock.   D.C.'s housing market is at a pivotal crossroads, and true collaboration with housing providers is essential to develop meaningful, lasting solutions. My first priority would be reforming the eviction process, particularly targeting "professional" tenants who are exploiting the system. What other strategies do you think should be prioritized to tackle this crisis? #realestate #dc #affordablehousing #bisnow #greysteel #cre

How to Address the Affordable Housing Crisis

The cost to buy a house in California recently hit a new all-time high, with the median price for a single-family home rising to $904,210 in April, exceeding the $900,000 benchmark for the first time in the state's history. This is why rents increase; the amount of supply is very limited. There are several factors at play here, from regulatory burdens to zoning issues, to the cost of construction materials. There are no easy solutions, but addressing this supply shortage will require a change in how the collective efforts of regulators, real estate professionals, and nonprofits work. The easiest way to alleviate the cost of housing is to simply build more housing. The easiest way to encourage more housing is to make it more attractive to build and be a part of the housing industry. #RealEstate #HousingMarket #BayArea

The challenges highlighted in this article truly underscore the immediate need for comprehensive solutions to address the housing crisis in our state. It's disheartening to hear about renters like Sucely, who are struggling to make ends meet amidst soaring rental prices. In order for meaningful change to take place, Rhode Island must make substantial investments in affordable housing in order to pave the way for a more equitable future where everyone has a safe and affordable place to call home.

Housing took on a new role in the U.S. after World War II because people started viewing housing as a financial product. The widespread adoption of long-term mortgages and the prominence of single-family housing changed a lot more than just the homes people live in. That’s why Charles Marohn of Strong Towns wants local governments to get more involved in innovating and financing new kinds of housing products. “The more housing we build becomes abstracted from the people who live in it, the more it morphs into a financial product, the less responsive it becomes to … what people are asking for and need,” he said. Marohn suggests local governments can alleviate the housing crunch by reducing regulations on creating simple starter homes like backyard cottages, making single-family homes into duplexes or adding accessory apartments.

In a bold move to tackle the affordable housing crisis in Arizona, new legislation has introduced a pilot program aimed at increasing housing availability across the state. This initiative will be implemented in 10 geographically diverse communities, selected based on criteria that reflect the unique challenges and characteristics of areas including southern Arizona. This program empowers qualifying municipalities to apply for funding by demonstrating their efforts to streamline previous bureaucratic processes that hindered the development of affordable housing. By removing these obstacles, the legislation aims to facilitate a smoother path for developers and communities eager to build necessary housing solutions. At A New Leaf, we recognize the profound impact that stable, affordable housing has on the well-being of individuals and families. We are encouraged by these proactive steps that not only aim to increase the housing supply but also ensure that communities like ours can benefit from these developments. We look forward to seeing the positive changes this program will bring to our community and to those across Arizona who are in dire need of affordable housing options. https://lnkd.in/g-f3A5J2

What is housing?

🚨 City of Hollywood, Florida's Affordable Housing Crisis: A Look at Pinnacle 441 🚨 In an astonishing display of the dire need for affordable living spaces in Hollywood, Pinnacle 441, a new affordable housing development, has received nearly 20,000 registrations for just 113 units. This overwhelming response shines a light on the affordable housing crisis in South Florida, with the development aimed at households earning 60% or less of the area median income. Located at the crossroads of Johnson Street and State Road 7, the $93 million Pinnacle 441 project offers one to three-bedroom units priced between $1,100 and $1,400. With 62% of Broward renters facing cost burdens, the demand for affordable housing has skyrocketed. Timothy Wheat, a partner at Pinnacle, expressed his shock at the massive number of applicants, emphasizing the crisis level of affordability in the region. The development is a beacon of hope, aiming to ease the strain with Phase I set to open as early as May. As the lottery closes and the selection process begins, we're reminded of the pressing need for more developments like Pinnacle 441. Let's advocate for affordable housing solutions and support initiatives that aim to alleviate this growing crisis. #AffordableHousing #HollywoodFL #Pinnacle441 #HousingCrisis https://lnkd.in/gPqtahj2

More good news for affordable living! Raleigh Housing Authority has helped to provide additional critical affordable housing units in the Raleigh area through bond financing. RHA recently closed on a $28 million bond transaction for New Bern Crossings, a 192-unit low-income, multi-family rental housing development in Southeast Raleigh. Plans call for 70 one-bedroom units, 82 two-bedroom units and 40 three-bedroom units. The new apartments will be located right off the City of Raleigh’s Wake BRT route, providing residents with access to convenient public transportation and resources. The project targets individuals and families with incomes ranging from 30% to 60% Area Median Income (AMI), helping those who may be at risk of experiencing homelessness to afford quality housing. Construction is expected to begin next week and move-ins will start in late 2025. Greystone Affordable Development Haven Design|Build & Harmony Housing Affordable Development   Key Partners: LIHTC Allocating Agency: NCHFA (North Carolina Housing Finance Agency) Bond Issuer: Raleigh Housing Authority Senior Lender: Regions Bank Subordinate Lender: Wake County Affordable Housing Development Program Subordinate Lender: City of Raleigh Municipal Government Community Rental Development Program Additional Partners: Families Together - a PLM Organization. #affordablehousing