Affordable Housing Crisis Worsens as LIHTC Expirations Loom
As many as 223,000 affordable housing units may lose their affordability in the next five years, exacerbating the housing crisis for low-income tenants.
- The Low-Income Housing Tax Credit (LIHTC), responsible for 3.6 million affordable units since 1987, faces expiration issues as many properties reach their 30-year affordability limit.
- Approximately 350,000 LIHTC units could lose affordability by 2030, with projections reaching up to 1 million by 2040, according to the National Housing Preservation Database.
- States like California and Colorado have implemented measures to extend affordability, but many other states have not, leaving tenants vulnerable to significant rent increases.
- Local governments and nonprofits can intervene by purchasing expiring properties, but financial and logistical challenges often hinder these efforts.
- Tenant activism, as seen in Los Angeles, can influence local policies, but the ongoing struggle for affordable housing remains a significant burden for low-income families.
Associated Press 