By Elizabeth Zach, RCAC staff writer
With fewer affordable homes and rental properties available across the nation, low-income families have a particularly hard time finding housing.
While this would seem to be common knowledge, a recent report by the National Low Incoming Housing Coalition highlights a decreasing inventory of affordable housing, and offers potential solutions, such as revising the Low-Income Housing Tax Credit and the Mortgage Interest Deduction.
According to the report, “More than 11.4 million extremely low income renter households in the U.S, whose income is no greater than 30% of their area median income (AMI) or the poverty guideline, face a shortage of 7.4 million affordable and available rental homes.” Every state and metro area in the U.S. is under-supplied. Low- or middle-income first-time homebuilders face some of the hardest hurdles to affordable housing. Inventory of for-sale starter homes has dropped steeply in the past three years and the shortage is most acute for low-income families, according to Trulia.
For more on the report, go here: http://www.constructiondive.com/news/housing-shortage-most-acute-for-low-income-families/437692/