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The State of the Nation’s Housing 2022 Report Underscores Ongoing Affordability Crisis

Wednesday, June 22, 2022 - 8:45AM

Stopgap measures put in place to address the COVID-19 pandemic underscore the need for substantial, consistent investment in affordable rental housing, according to The State of the Nation’s Housing 2022 report released today by the Joint Center for Housing Studies of Harvard University. With government protections ended, housing instability is on the rise and evictions are back near pre-pandemic levels in early 2022. American Community Survey 2020 data shows that about 46% of renter households are at least moderately cost-burdened (spending 31-40% of income on housing), with 24% of renter households severely cost-burdened (spending 51% or more on housing). These figures reflect the first substantial increase in national cost-burden rates in 10 years.

The report argues that federal subsidies remain a vital way to expand affordable housing and reduce cost burdens to vulnerable households. However, 130,700 project-based Section 8 and 138,300 low-income housing tax credit (LIHTC) units could come to the end of their affordability periods by 2025, according to the Public and Affordable Housing Research Corporation and the National Low Income Housing Coalition.

Learn more about the LIHTC and other affordable housing development resources with the 2022 edition of the Low-Income Housing Tax Credit Handbook available now.

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