NHPF Industry Report
Adapting Affordable Housing to the New Realities: Break Down Industry Silos NHPF, celebrating its 35th year as a mission-based provider of quality affordable housing, commissioned a survey exploring the effects of key “new realities” impacting the affordable housing industry. The 2024 NHPF study underscores how the industry is navigating through these significant challenges, from securing land and financing construction to combatting the effects of climate change to ensuring residents’ safety and quality of life. The roots of these issues can be traced back to the 2008 financial crisis, which led to widespread foreclosures, plummeting property values, and a severe contraction in available credit. Systemic housing bias and deficient construction of housing for the poorest Americans go back more than a century. More recently, the effects of the pandemic, including widespread evictions and the reduction of rent subsidies, have further exacerbated the situation. Ongoing weather-related disasters and costs arising from climate change also remain stubborn adversaries. In response to these challenges, various efforts have emerged to sustain the creation and availability of affordable housing. These include regulatory reforms, innovative policy initiatives, and cutting-edge construction methods, all designed to prevent another housing crisis and make homes more accessible, resilient, and affordable.
THE NHP FOUNDATION 2024 SYMPOSIUM: INDUSTRY REPORT • 1
NHPF Industry Report
Survey Executive Summary
In June 2024, NHPF, with research partner Jasper Colin, conducted a survey exploring three critical ”new realities“ identified by NHPF developers, asset managers, construction professionals, and others: 1. New Financing Strategies: For the past 30+ years, the Low-Income Housing Tax Credit (LIHTC) has been the most successful tool in creating affordable housing. For many though, it is time to expand beyond LIHTC and look at alternative financing options. Respondents were asked to rank, by effectiveness, some newer concepts available to affordable housing developers. 2. Boosting Sustainability: One of the greatest issues affecting affordable housing rehabilitation and construction is the need to build for a future with fewer resources and a need for greater sustainability. Survey-takers were asked to rank recent innovations for their ability to increase the supply of affordable housing while remaining sustainable and environmentally responsible. 3. P erceptions of Race and Crime: It is a reality that we are experiencing a rise in violence and crime in many cities where affordable housing is most needed. The survey asked respondents to rank, in order, how effective key affordable housing attributes are to reducing racial inequality and crime in urban areas and other proactive measures that should be implemented. Over 200 individuals from the financial services, real estate development, not-for-profit, and government sectors were surveyed to determine which practices, reforms, and strategies were deemed most promising for affordable housing viability. The report provides a comprehensive summary of the key findings and insights for increasing the supply, sustainability, and safety of affordable housing.
Top Takeaway: Multiple Strategies Needed
The key takeaway from this study is that no single strategy is enough. The nearly equal ranking of strategies across all three of the above categories underscores the magnitude of the challenge. * The industry’s primary task now is to secure support for and ultimately implement as many of these efforts as possible. KEY FINDINGS 1. Financing Innovations: LIHTC is still the affordable housing industry’s strongest funding mechanism, however, those surveyed are very open to newer methods like equity crowdfunding, and public-private partnerships (PPP). 2. Eliminating Barriers: Addressing the high costs of land, materials, and labor—along with restrictive zoning laws—is critical. These barriers have long hindered the development of affordable housing, particularly in urban areas where demand—and often crime rates—are highest, adding hurdles to housing those who need it most. 3. Onsite Resident Services: Employment readiness programs, which include job training, career counseling, childcare, and transportation services, are seen as the most effective way to reduce racial inequality and crime.
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NHPF Industry Report
Innovations to Increase Supply of Affordable Housing & Contain Costs Question: Affordable housing developers often face challenges. Finding innovative solutions that address these challenges is important. Please rank the following innovations based on their ability to increase the supply of affordable housing and help contain costs where “1” is most effective and “6” is least effective. Base: Total Sample, (n=215) / JASPER COLIN
1 2 3 4 5 6
25%
20%
15%
10%
5%
0
Modular Construction
Zoning Law Reform
Community Land Trusts
Accessory Dwelling Units (ADUs)
Streamlined Permitting Processes
Financially Penalize Those Who Oppose Sound Affordable Housing
4. Social justice reforms: Advocating at local, regional, and federal levels for inclusion of rent payment in credit histories, improvements in tenant protections and fair housing laws, and modifications to prevent “punishing” residents by rendering them ineligible for certain housing because they have increased their earnings or were incarcerated. 5. Modular or Component-based Construction: Among the innovations highlighted, modular construction stands out as the top method for increasing the supply of affordable housing. This approach not only reduces costs and construction timelines but also enhances sustainability and energy efficiency. 80 100 1 2 3 4 5 6 18% 15% 16% 15% 13% 18% 18% 20% 18% 17% 18% 14%
17%
17%
19%
60
15%
14%
18%
6. “ Recycling” existing properties: Essentially tearing down older buildings and rebuilding with an improved layout. Support for this approach was very appealing to respondents who saw it as a potential solution to both cost-savings and sustainability. 20 40 17% 12% 16% 16% 17% 16% 15% 16% 14% 23% 21% 17%
17%
13%
11%
21%
20%
18%
0
Options That Allow Individuals to Invest in Real Estate Projects in Exchange for Equity
Private/Public Partnerships (PPP)
Tearing Down Older Buildings and Rebuilding With an Improved Layout, Possibly Including More Units
Revenue Bond
Social Impact Bonds (SIBs)
Tax Increment Financing (TIF)
Effectiveness of Financing Available to Developers for Affordable Housing Question: Please rank these approaches available to developers for financing affordable housing projects in order of their potential effectiveness where “1” is most effective and “6” is least effective. Base: Total Sample, (n=215) / JASPER COLIN
1 2 3 4 5 6
14%
15%
15%
17%
18%
20%
18%
16%
18%
13%
18%
18%
17%
18%
19%
17%
15%
14%
12%
16%
16%
16%
17%
23%
17%
16%
17%
15%
21%
13% 14%
21%
20%
18%
17%
11%
Options That Allow Individuals to Invest in Real Estate Projects in Exchange for Equity
Private/Public Partnerships (PPP)
Tearing Down Older Buildings and Rebuilding With an Improved Layout, Possibly Including More Units
Revenue Bond
Social Impact Bonds (SIBs)
Tax Increment Financing (TIF)
* From JASPER COLIN: The similarity in percentages across all response options suggests that respondents perceived all the options provided as highly relevant. A flat distribution of responses can sometimes occur when respondents consider all the options equally strong.
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NHPF Industry Report
A Closer Look at the New Realities: Financing Beyond LIHTC
“It’s radical common sense. There is a great need for affordable housing in communities across the country. Public-private partnerships can bring together mission-aligned institutions looking to leverage their assets for good with those with the expertise or capital needed to make development happen. When done right, the result is affordable housing that meets community needs.”
—DAVID BOWERS, VICE PRESIDENT, MID-ATLANTIC MARKET & SENIOR ADVISOR, FAITH-BASED DEVELOPMENT INITIATIVE, ENTERPRISE COMMUNITY PARTNERS
A 2024 report from the Federal Reserve Bank of Atlanta found that public-private partnerships in housing finance can reduce the cost of capital by up to 25%, making it a critical tool for affordable housing development. FINANCING APPROACHES The data reveals an increasing demand for diverse financing options like equity crowdfunding that allow individuals to invest in real estate projects, including affordable housing, in exchange for equity. Additionally, Blockchain and tokenization enable fractional ownership of real estate assets, allowing investors to buy and sell shares of affordable housing properties easily. Private-public partnerships (PPP) are also becoming more common, allowing diverse private sector actors and resources, from financial groups to religious institutions, to be leveraged for public good. One of the most effective ways to address the increasing cost of building has been through the acceptance of YIGBY (Yes in God’s Backyard) projects which combine the resources of faith-based institutions and experienced developers to create housing on land an institution already owns. The presence of an established church or other house of worship, can often help tip the scales for funders who are considering. As of 2024, faith-based organizations have developed around 1,800 affordable housing units, primarily in the Mid-Atlantic region supported by initiatives like Enterprise Community Partners’ Faith-Based Development Initiative (FBDI). An additional 2,200 units are currently in the projected pipeline in the Mid-Atlantic, with these projects often involving partnerships where congregations use underutilized land to address the housing crisis. Survey respondents also ranked highly the idea of completely rebuilding existing but dated affordable housing properties, tearing down the old, and constructing anew. The average age of housing today is 40 years, with much of it sub-standard. This “recycling” approach is a perfect example of doing more with less. New and improved layouts can lead to increasing units, more efficient energy-efficient building systems, and more green space for residents. Additionally, revenue bond programs and social impact bonds (SIBs) provide alternative financing methods that align with the growing demand for credit flexibility. These methods are crucial as property demand continues to rise, pushing prices up and challenging developers to balance essential amenities with affordability.
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NHPF Industry Report
NHPF, in partnership with NewPoint Real Estate Capital, pioneered a non-LIHTC solution for a property in Washington, DC, through the use of 501(c)3 bonds. The $47.3 million development was funded by a tax-exempt bond, a $23.2 million loan from the Department of Housing and Community Development (DHCD), a $5 million grant from DC Department of Energy & Environment (DOEE) , a $2.25 million low-interest loan from DC Green Bank, and a $1 million United States Department of Housing and Urban Development (HUD) HOME grant. Continuing to restrict risky financial products, such as those targeted by the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), is also vital for maintaining the housing market. These regulatory measures help protect the industry from the kinds of financial crises that have historically led to widespread housing instability. Conversely, the government is always viewed as being able to do more, such as boosting legal immigration to help increase construction labor as well as pursuing trade deals to cut costs for materials such as lumber . Expanding public transit would make suburban and exurban residential areas more desirable for workers in cities. An idea also making the rounds: elected officials freeing up federal land for housing development.
Addressing Legal and Societal Barriers
Respondents were in close agreement on what constitutes the top barriers to building and managing affordable housing that must be addressed at a civic level. In addition to the high cost of construction and materials, more social justice-related issues such as restrictive zoning and NIMBYism were also seen as issues to be addressed by lobbying or other civic involvement. Survey-takers also voiced that discrimination remains a significant barrier to affordable housing. Current legislative efforts to combat discrimination in affordable housing focus on enhancing the enforcement of the Fair Housing Act, advancing the proposed Equality Act to safeguard LGBTQ+ rights, and implementing local and state anti-discrimination laws. These initiatives aim to provide stronger protections against discrimination based on race, religion, gender, sexual orientation, and income source. Additionally, many organizations are pursuing zoning reforms to reduce racial and economic segregation by promoting affordable housing in diverse neighborhoods, while efforts to improve data collection and transparency on discriminatory housing practices seek to better target and address these issues. As well, certain eviction protections, while a sensitive issue, were also regarded by survey- takers as harmful to owners. A recent report noted that more than 80% of housing properties that have received [Washington] DC funding aren’t bringing in enough rental income to pay their mortgages and maintenance costs, according to the District’s Department of Housing and Community Development . Recommendations were framed as actions that the industry and its partners could take locally as well as through lobbying for federal legislative relief. Building on data NHPF uncovered in a previous report, civic action from community leaders, community not-for-profits, and local coalitions of community organizations is among the most effective means for implementing regulatory and other changes that positively affect housing.
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NHPF Industry Report
Innovations in Supply and Sustainability
“We face the dual challenges of affordable housing and making sure that all housing—new and existing—is of a quality that reduces energy, can withstand future climate effects, and will physically serve all households. Technology has stepped up, but we need innovations in our housing institutions to get that technology in the walls too.”
—CARLOS MARTÍN, DIRECTOR, REMODELING FUTURES PROGRAM, HARVARD UNIVERSITY JOINT CENTER FOR HOUSING STUDIES
According to the World Green Building Council (WGBC), buildings are responsible for approximately 39% of global carbon emissions. This includes ~ 28% from operational emissions (energy used for heating, cooling, and powering buildings) and ~ 11% from embodied carbon emissions associated with materials and construction processes. INNOVATIONS TO INCREASE HOUSING AND SUSTAINABILITY Historically, low and moderate income households along with marginalized households of color, have had limited housing options in terms of geography and affordability. These handicaps impact their daily lives via the negative effects of climate change, financial instability, and certain health outcomes. Housing has long been a defining factor separating the “haves” from the “have-nots.” From this premise of overcoming the challenges to boosting the supply of quality affordable housing for those in need and improving sustainability, survey-takers reported the following. Modular or component-based construction is emerging as a leading innovation in the affordable housing sector. The advantages are clear: modular construction is faster, more cost-effective, and allows for greater quality control compared to traditional building methods. It also contributes to environmental sustainability by reducing waste and promoting energy efficiency aimed at combatting the effects of climate change on affordable housing. Reforming zoning laws is another critical area of focus. Inclusionary zoning policies, which require developers to include a percentage of affordable units in new residential developments, have been successfully implemented in cities like New York, San Francisco, and Boston. Similarly, upzoning, which allows for higher-density development, has been
Innovations to Increase Sustainability & Environmental Responsibility Question: Affordable housing developers often struggle to build sustainably while keeping costs low. Please rank the following innovations based on their potential to increase sustainability and environmental responsibility where “1” is most effective and “5” is least effective. Base: Total Sample, (n=215) / JASPER COLIN 1 2 3 4 5
13%
18%
17%
19%
19%
19%
24%
22%
23%
27%
20%
15%
19%
18%
21%
20%
23%
19%
24%
20%
20%
22%
17%
18%
23%
Modular Construction
Community Land Trusts
Mixed-Use Development
Passive House Design
Net-Zero Energy Housing
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NHPF Industry Report
Importance of Eliminating Obstacles to Building More Affordable Housing Question: Legal and societal barriers to building/managing affordable housing could be reduced by lobbying for ballot measures or addressing public meetings. Please rank these obstacles in order of importance to eliminate where “1” is most important and “6” is least important. Base: Total Sample, (n=215) / JASPER COLIN Insufficient Government Funding, Tax Incentives, and Subsidies Some Insurers are Charging Exorbitant Rates, Refusing to Offer Coverage, or Leaving Regions Nimbyism (Community Opposition) Due to Concerns About Perceived Negative Impacts Certain Eviction Protections are Harmful to Owners Restrictive Zoning Laws, Land Use Regulations, and Lengthy Permitting Processes High Cost Of Land, Materials, and Labor Particularly in Desirable or Urban Areas
1 2 3 4 5 6
9% 12%
15%
15%
17%
21%
20%
19%
16%
20%
16%
19%
21%
12%
18%
18%
16%
15%
13%
22%
14%
13%
17%
20%
20%
17%
14%
19%
16%
14%
21%
19%
18%
14%
13%
14%
High Cost Of Land, Materials, and Labor Particularly in Desirable or Urban Areas
Restrictive Zoning Laws, Land Use Regulations, and Lengthy Permitting Processes
Certain Eviction Protections are Harmful to Owners
Nimbyism (Community Opposition) Due to Concerns About Perceived Negative Impacts
Some Insurers are Charging Exorbitant Rates, Refusing to Offer Coverage, or Leaving Regions
Insufficient Government Funding,
Tax Incentives, and Subsidies
adopted in Minneapolis, making it the first major U.S. city to eliminate single-family zoning restrictions. These reforms are essential for increasing the supply of affordable housing in mixed-income communities. Community land trusts (CLTs) and mixed-use developments are other effective strategies for ensuring long-term affordability and sustainable land management. CLTs separate land ownership from housing ownership, stabilizing communities and preventing displacement. Mixed-use developments, which combine residential, commercial, and sometimes industrial spaces, offer a holistic approach to community building that supports both economic and social sustainability. Innovations like Passive House Design and Net-Zero Energy Housing are also critical for reducing the environmental impact of affordable housing. These designs focus on maximizing energy efficiency, reducing carbon footprints, combatting energy insecurity and utility cost burdens, and creating healthier living and more resilient environments for residents. Fully decarbonizing homes is an imperative. Although not ranking as highly, accessory dwelling units (ADUs) are also viewed as revolutionizing the housing sector by speeding up construction, minimizing waste, and reducing bureaucratic delays. Along with modular, these methods empower communities to address local housing shortages more effectively. On the other hand, a more provocative approach to increasing support for affordable housing production, to which some survey respondents reacted favorably, calls for financially penalizing those municipalities or organizations who oppose affordable housing. According to Harvard economist Edward Glaeser, there is historical precedent for the successful threat of punitive action. Recalling how the U.S. raised the legal alcohol drinking age is an interesting reminder. The National Minimum Drinking Age Act of 1984 demanded states raise the minimum age to buy or publicly possess alcohol to 21—or face a reduction in federal highway funds—and it worked. Finally and critically, no discussion of sustainability in the affordable housing arena is complete without mention of the crisis facing insurers, particularly in climate-threatened areas.
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NHPF Industry Report
According to a recent New York Times article, insurers say the growing frequency and severity of hurricanes, wildfires, floods, and big windstorms have made it impossible for them not to raise premiums. In recent years, their property insurance businesses have booked losses instead of profits. This drastically affects affordable housing where rents are capped and subsidized to remain within the reach of those in need. The insurance industry and affordable housers are grappling with ways to adapt, including a potential HUD solution offering extra funds to be distributed to not-for-profit housing providers. Other solutions include help from local, state, and federal officials including new construction codes forcing builders of subsidized housing to use better techniques and stronger materials, thus reducing the total risk insurers would have to take on. Also on the table is a new federal reinsurance fund for property insurers, though some trade groups oppose it. The affordable housing industry is looking to insurers for guarantees that using stronger building techniques will result in lower insurance costs, and they want more information about why premiums have soared. The bottom line? The affordable housing industry and the insurance industry operate in silos and that approach is costing too much—financially and in human lives.
Addressing Urban Challenges
“At the Houston Housing Authority, we've seen how integrated community planning plays a key role in reducing crime and fostering a sense of safety and inclusion. Our work, including projects supported by Choice Neighborhoods grants, aligns with Bureau of Justice Statistics reports showing 15% lower crime rates in mixed-income communities. By offering high-quality, affordable housing in diverse areas, we're not just building homes—we're building thriving, stable communities for everyone.” —DAVID A. NORTHERN, SR., PRESIDENT & CEO, HOUSTON HOUSING AUTHORITY Violent crime rates drop significantly in neighborhoods where mixed-income developments are introduced. For instance, in cities like Chicago and Atlanta, crime rates in neighborhoods with new mixed-income developments fell by over 60% more than they would have without
such initiatives. HUD User / Cleveland Fed REDUCING RACIAL INEQUALITY AND CRIME
Addressing the intersection of race, crime, and affordable housing is crucial for creating equitable communities. Onsite resident services, such as job training and children's programs, have been ranked the highest in terms of effectiveness in reducing racial inequality and crime. These services provide residents with the tools they need to succeed, fostering a sense of community and reducing the likelihood of crime. These services, with the important overlay of programs like Operation Pathways’ Family- Centered Coaching, work alongside residents as they strive towards education, career, and
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Effectiveness in Reducing Racial Inequality & Crime Question: Please rank how effective each affordable housing initiative is/would be at reducing racial inequality and crime in urban areas, where “1” is most effective and “4” is least effective. Base: Total Sample, (n=215) / JASPER COLIN
1 2 3 4
21%
22%
23%
24%
27%
27%
26%
30%
24%
16%
27%
28%
27%
23%
29%
27%
Onside Resident Services
Crime Prevention Through Environmental Design (CPTED)
Collaboration Between Various Organizations To Help Prevent Crime
Building Affordable Housing In Resource-Rich Neighborhoods To Fight Discrimination
lifestyle goals, achieving stability and contributing to safer and more prosperous communities. It is widely accepted that residents of service-enriched affordable housing are best positioned for making the most significant life changes. Previous NHPF research compared family properties with resident services to family properties without resident services. It was determined that resident services programs reduced property vacancy losses, legal fees, and bad debts. The analysis also shows that Operation Pathways’ residents services programs decrease the number of skips and evictions. These results indicate that 83% of evictions and skips were from households that were not enrolled in resident services programs. This information underscores the relationship between place-based services and crime reduction. In 2023, 62% of households participated in at least one of Operation Pathways’ programs. Interestingly, the application of Crime Prevention Through Environmental Design (CPTED) principles has received mixed reactions. While some believe that design elements such as increased lighting and security can significantly deter crime, others argue that these measures can be polarizing and may not address the root causes of crime.
Importance of Changing Obstacles to Accessing Affordable Housing Question: Please rank the following obstacles to accessing affordable housing based on how important you feel they are to change, where “1” is most important and “5” is least important. Base: Total Sample, (n=215) / JASPER COLIN
1 2 3 4 5
25%
20%
15%
10%
5%
0
On-time rental payments are typically excluded from credit reports
Inadequate tenant protections and legal representation leading to housing insecurity
Discrimination despite fair housing laws
Poor or non-existent credit histories
Unreasonable laws punishing residents for earning too much by rendering them ineligible for certain housing
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NHPF Industry Report
NHPF and its mission-based cohorts in affordable housing have long promoted the attributes of partnering with various organizations to prevent crime in the neighborhoods in which they build. Relationships with everyone from local law enforcement to local gardening groups all contribute positively to residents taking more responsibility for their actions and their surroundings. Building affordable housing in resource-rich neighborhoods is another strategy for promoting diversity and combating discrimination. These neighborhoods offer access to better schools, healthcare, and employment opportunities, making them ideal locations for affordable housing developments. In one high-opportunity neighborhood, NHPF has scattered-site housing (housing especially for low-income families built throughout an urban area rather than being concentrated in a single neighborhood), leveling the playing field for residents of different incomes. There we also offer “single-family home rental resiliency” classes where first-time home renters gain home maintenance skills.
Obstacles to Accessing Housing
Our research shows that failure to include on-time rental payments in credit reports resulting in poor or non-existent credit histories is a major obstacle for many individuals seeking affordable housing. NHPF’s 2023 report concluded that alternative credit evaluation methods can promote greater inclusivity in housing markets. As well, residents with improved credit scores due to credit reports including on-time rent payments may also benefit from increased access to lines of credit with better terms. Other factors contributing to housing insecurity noted in the 2024 survey results stem from inadequate legal protection and representation. Navigating the legal system, particularly one that hasn’t solved the ongoing problems of profiling and entrapment in black and brown communities, can be exhausting and fruitless, especially for residents juggling two or three jobs and other hardships. However, recent positive developments include the establishment of right-to-counsel programs in cities like New York and San Francisco, which provide free legal representation for tenants facing eviction, significantly improving their chances of remaining in their homes and ensuring fair treatment in housing disputes. Survey respondents also reported that people with criminal records often face significant stigma that prevents them from securing housing. Providing second chances and breaking the cycle of discrimination is crucial for their reintegration into society. Trust is a major obstacle for formerly incarcerated individuals, who are often viewed as convicts for life. Rebuilding trust in these situations is challenging but necessary. Finally, concerns about income eligibility laws for affordable housing, such as those in Section 8 and LIHTC programs, often discourage tenants from pursuing better-paying jobs due to the risk of losing their housing assistance. This issue, known as the “cliff effect,” can leave families worse off financially after a modest income increase. To address this, some programs are introducing flexible policies like income averaging in LIHTC properties, Earned Income Disregard (EID), and gradual phase-out of benefits, which help tenants increase their earnings without immediately losing their housing support. Advocacy efforts are also underway to reform these income limits, promoting upward mobility while ensuring housing stability.
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NHPF Industry Report
Conclusion
Housing Underproduction occurs when communities fall short of meeting housing needs. Up for Growth calculates underproduction as the difference between total housing need and total housing availability. Nationally, underproduction increased by nearly 3% to 3.9 million missing homes. The number of counties across the U.S. experiencing underproduction increased 32%. The study highlights the complexity of addressing affordable housing issues, emphasizing the need for a multifaceted approach. Innovations like modular construction, streamlined permitting, and creative financing methods such as equity crowdfunding and PPPs are essential for increasing the supply of affordable housing. Additionally, addressing legal and societal barriers is crucial for improving access and sustainability in affordable housing. Since the 2008 financial meltdown, government efforts to create and preserve affordable housing have been wide-ranging, involving regulatory reforms, policy initiatives, and improved construction methods. While significant progress has been made, ideas such as increasing legal immigration and allowing housing on government-owned land need also be explored. Many of the challenges are deeply rooted in previous housing policy that was both socially inequitable and lacking in construction safeguards. Inadequate protections for low and moderate income residents persist, such as the lack of requirements for apartment landlords to provide air conditioning, despite rising heat-related deaths. While some areas, like Montgomery County, Maryland, have enacted such laws and other cities are considering similar measures, challenges like high energy costs for renters and expensive retrofits for landlords remain. A National Climate Adaptation Policy could proactively address weather-based disasters instead of responding only after crises occur. Carlos Martin of Harvard emphasizes that effective adaptation should consider the existing social, cultural, and economic ties, including housing, in high-risk communities, as well as the housing and employment limitations in safer areas where people might relocate. The “new realities” explored in this study tell us one thing: the game has changed! The only way to realize solutions is by removing all the silos between government entities, not-for- profit organizations, and the private sector. Finding ways to collaborate is essential to address the ongoing housing affordability crisis and to create just, sustainable, inclusive communities. The future of affordable housing depends on our ability to act together to innovate, adapt, and implement comprehensive solutions that meet the diverse needs of our society.
THE NHP FOUNDATION 2024 SYMPOSIUM: INDUSTRY REPORT • 11
Mission The NHP Foundation is a not-for-profit real estate organization dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities.
Vision
A future where communities flourish because attractive, sustainable housing options and life- enhancing services are ensured for income- challenged Americans.
Values
NHPF seeks to promote greater diversity, inclusion, racial equity, and social justice in addition to its long- established mission of providing sustainable, service-enriched affordable housing. NHPF is committed to increasing access to opportunities for historically underrepresented individuals and businesses in the development and operation of affordable housing communities.
122 EAST 42ND STREET, SUITE 4900, NEW YORK, NY 10168 1090 VERMONT AVENUE, NW, SUITE 400, WASHINGTON, DC 20005 159 N SANGAMON STREET, SUITES 200 & 300, CHICAGO, IL 60607 1501 ST. PAUL STREET, SUITE 128, BALTIMORE, MD 21202 nhpfoundation.org
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