Newly released data from the National Housing Preservation Database shows almost 500,000 affordable housing units across the country will reach end of their “affordability periods,” or the length of their subsidy contracts or affordability restrictions, within the next five years. Preserving existing affordable housing stock is essential to meeting the needs of low-income families and efficiently using public resources. According to research by the Public and Affordable Housing Research Corporation, the cost to build and maintain new affordable units is about 1.3 times greater than the cost to preserve existing units.
The North Carolina Housing Finance Agency tackles the affordability crisis from both ends by financing new rental and home ownership opportunities, as well as the repair and rehabilitation of existing homes.
