Affordable Rental Housing Preservation The Outlook in 2013 Anne Ray September 10, 2013
Affordable housing needs are increasing Low Income (<60% AMI), Cost Burdened (>40%) Renters, 2005-2011 Source: U.S. Census Bureau, 2000 Census and 2005 and 2011 American Community Survey
Florida’s Assisted Housing Inventory Affordable rental housing subsidized by Florida Housing, HUD, USDA RD, local housing finance authorities 2,265 developments with 246,527 units 1,052 developments/62,513 units receive HUD or RD project-based rental assistance
Lost Properties Inventory Assisted units lost, 1993-2012 Source: Shimberg Center for Housing Studies, Assisted Housing Inventory & Lost Properties Inventory
Lost units stall affordable housing progress Assisted units gained vs. units lost, 2004-2012 Net change, 2004-2007: +15,573 units Net change, 2008-2012: -728 units Source: Shimberg Center for Housing Studies, Assisted Housing Inventory & Lost Properties Inventory
Properties at risk Expiring subsidies by 2020: Section 8 contracts: 145 developments (14,059 units) Expiring mortgages/LURAs: 35 developments (4,604 units) Aging developments (30+ years old): 432 developments (41,443 units) Failing REAC scores: 32 developments (4,299 units)
Preservation focus on HUD/RD rental assistance units Florida’s rental assistance units: Average annual income: $11,342 72% of households are extremely low-income (<30% AMI) Half of households are elderly Half of units are 0-1 BR; 1/3 are 2 BR
Rental assistance greatly reduces tenant payments Average Tenant-Paid Rents in Florida Sources: Shimberg Center for Housing Studies, Assisted Housing Inventory; U.S. Census Bureau, 2011 American Community Survey
Next preservation risk: 30-year LIHTC Units with Expiring LIHTC Restrictions, 2021-2030 Total potential loss: 18,414 units Sources: Shimberg Center for Housing Studies, Assisted Housing Inventory
Rental Market Study links All reports available at http://www.shimberg.ufl.edu/publications3.html Contact Anne Ray, 352-273-1195, aray@ufl.edu
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