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Across the country, hundreds of thousands of existing scarce affordable
housing resources are at risk of loss. In tight rental markets,
conversion to market rate use threatens the stock as use restrictions
and subsidy contracts for privately-owned, federally-assisted multifamily
housing units expire. In weak markets, disinvestment and deterioration
pose the greater threat. In either case, transfer of ownership to
a non-profit preservation entity that will stabilize, rehabilitate,
and recapitalize the property is the best means to preserve long-term
affordability.
Preserving existing affordable housing plays a critical role in
creating mixed-income communities and alleviating the pressures
of displacement for low- and moderate-income residents. Our affordable
housing preservation work takes a variety of forms depending on
local needs and opportunities. In Boston, Community Builders has
worked with tenants to prevent conversion to market rate use and
avoid displacement of residents.
In Worcester and New Haven, Community Builders purchased troubled
properties, stabilized occupancy, and raised management standards,
saving existing stock from a downward spiral of neglect and deterioration.
In Pittsburgh and Indianapolis, we are redeveloping large distressed
housing, restructuring existing subsidies in innovative ways to
support demolition and rebuilding at lower densities. These are
just a few examples of our extensive and ongoing work in assisted
housing preservation.
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