According to the National Housing Preservation Database, 3,067 public
housing units in Indiana are in need of immediate investment and 4,472 publicly supported rental housing units face an expiring affordability restriction over the next five years.
With 158,322 extremely low-income Hoosier households (those earning at or below 30% of area median income pay already more than half of their income on rent and a 134,998 deficit of rental homes affordable and available to these households, Indiana must expand affordable housing, not lose ground on the already insufficient supply.
The 2018 Preservation Profile lists these facts as well as an updated number assisted rental homes in Indiana with expiring affordability restrictions by funding stream as well.
That profile shows that a substantial portion of this portfolio, two-in-five or 41,397 assisted units, in our state receive Low-Income Housing Tax Credits (LIHTC).
A new report, Balancing Priorities: Preservation and Neighborhood Opportunity in the Low-Income Housing Tax
Credit (LIHTC) Program Beyond Year 30, from the National Low Income Housing Coalition and the Public and Assisted Housing Research Corporation found that by 2030, nearly half a million current LIHTC units, or nearly a quarter of the total stock will reach the end of all federally mandated rent-affordability and income restrictions nationwide.
The report highlights the fact that many of these units will be lost in conversion to market-rate rents, but others will be lost due to physical deterioration unless new capital investment is available for
rehabilitation. The report also makes the case that scarcity in resources for affordable housing have led to the dilemma of whether to prioritize resources for preserving existing units or focusing on new resources to increase mobility instead of focusing on building a broader housing safety net.
It also lists units with expiring affordability nationwide by neighborhood desirability and opportunity, broken down by educational opportunity, transit access, labor market access and health environment.
For a link to the full Indiana 2018 Preservation Profile, click here.