Affordable Housing Market Snapshot — Spring 2023
Even with concerted public and private initiatives, the affordable housing shortage has persisted in cities and communities across the U.S. As calls for change grow louder, new funding streams for Federal programs, like Housing Choice Voucher (HCV) and Low-Income Housing Tax Credit (LIHTC), aim to encourage more investment in affordable housing to expand supply nationwide.
Arbor’s latest Affordable Housing Trends Report, developed in partnership with Chandan Economics, offers a wide-ranging lens into the complex, though critically important, affordable and workforce housing sectors.
- The Inflation Reduction Act of 2022 provided $4 billion in additional funding for the HCV program, though further increases have met resistance.
- The shortage of affordable rental housing units grew by 500,000 from 2019 to 2021, reaching 7.3 million units.
- The 2024 Federal budget includes higher funding levels and rules changes to the LIHTC program to encourage more affordable housing development.
Here are more key indicators of the affordable housing market:
Interested in the multifamily real estate investment market? Contact Arbor today to learn about our array of multifamily, single-family rental, and affordable housing financing options and view our other market research and multifamily posts in our research section.