Affordable housing was ranked No. 5 on The Counselors of Real Estate’s Top Ten Issues Affecting Real Estate.
In this era of political divisiveness, there are two things that most can agree on: 1. There is a tremendous need for affordable housing throughout America. 2. There is a strong “Not in My Backyard” or NIMBY agenda.
The tremendous need for affordable housing was well-documented in a report published on March 13, 2018, by the National Low-Income Housing Coalition. The report found there was a shortage of 7.2 million affordable rental homes for extremely low income renter households—those with incomes at or below the poverty level or 30 percent of their area median income. The study finds there are just 35 affordable and available units for every 100 ELI renter households nationwide, and that 71 percent of ELI renter households are severely housing cost-burdened, spending more than