The investor chase after multifamily product is creating pressures for affordable housing developers. Nonprofits are finding that financing cannot be obtained quickly enough, especially in the hot primary markets. According to Thomas Deyo, deputy director for real estate, community stabilization, and green strategies at NeighborWorks America, these developers are “struggling to compete with a lot of capital resources driving towards the rental markets.” Coupled with the drop in subsidies for affordable housing, he says, it is becoming very difficult for affordable housing developers to be competitive in accessing properties.
Read more...Strong Market Challenges | Multi-Housing News Online
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