July 26, 2016
For developers looking to meet demand for affordable housing, it can be a legitimate challenge.
Most of these projects rely on both government assistance and third-party investors to build because they are so expensive. A recent Harvard study reveals 10 million renters earn 30% less than the median income in their area—meaning the nation would need to build another 7 million affordable homes to meet demand, Bloomberg reports.
“If we want to prioritize closing the gap for low-income households, we’re going to need more funding from public subsidy,” Urban Institute urban policy director Erika Poethig says. [Bloomberg]