Monday, Dec 31 2012 6:05PM
A new study finds affordable housing is becoming more difficult to find in the United States.
Affordable housing shortages are becoming more pervasive across the country, making it challenging for Americans to meet their housing needs, according to a Cohn Reznick study.
The financial services firm found that while demand for affordable housing assistance has increased, supply of apartments financed with low-income housing tax credits has declined and continues to do so. The study also revealed that these shortages, once specific to populated metropolitan areas, are now extending to rural locations as well.
"For those who think that our country has 'too much housing,' the fact is that most markets have a shortage of rental housing," said Fred Copeman, a principal with Cohn Reznick. "When it comes to affordable rental housing, this report confirms that we have a critical shortage not only in our major cities, but across the entire country."
As of late, the U.S. Department of Urban Housing and Development has granted funding to organizations in California, Arizona and Colorado, to build or rebuild properties designated as affordable housing facilities. In addition, more funding is being made available for senior housing facilities. However, as unemployment and foreclosures remain high, there is still a sizable gap in funding for housing assistance projects.
For more information, check out this resource: Cohn Reznick LLP