One-fifth of Philadelphia’s federal housing subsidies expire in next decade

Dated: June 2 2023

Views: 57

Over 20% of Philadelphia’s affordable housing complexes that rely on the federal Low-Income Housing Tax Credit and Section 8 subsidies — about 100 out of 450 — are set to expire over the next decade, according to the National Housing Preservation Database. Billy Penn mapped the properties and their potential expiration dates, showing how affordable housing could disappear over time if the units aren’t preserved or replaced. Many of the city’s affordable complexes were built in West and North Philly in the ‘80s and ‘90s. Now those areas are seeing average rents spike, just as much of their affordable housing is about to expire. Carolyn Placke, housing program officer at the community development nonprofit Local Initiatives Support Corporation (LISC), told Billy Penn that, “what we’re seeing now is, well, poverty hasn’t been solved. There’s even a greater need for affordable housing.” Read the full article here. 
Source: Billy Penn; 4/30/2023 

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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