Tuesday, March 12, 2019

Over 1,000 affordable homes could disappear in Sacramento County, new report says

...According to the report, 15,044 designated affordable units in California have been lost over the past two decades, and another 34,554 are at risk of conversion across the state.

Many of the units classified as “at-risk” are financed through HUD rental-assistance contracts or state Low Income Housing Tax Credits, both of which expire after a set time period. Once they’ve expired, owners may choose not to renew them and instead convert their units to market rate-housing....