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How local governments are closing the financial gap for affordable housing developments

Community and Economic Development Program of UNC

The challenges facing real estate development today are well-known. A June 2024 survey of the nation’s largest developers found that two-thirds of multifamily projects in the pipeline are delayed because they are no longer economically feasible under current conditions. How have developers adapted to rising costs?

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2024 Update: Local governments are closing the financial gap for affordable housing developments

Community and Economic Development Program of UNC

Earlier this month, DFI examined how local governments in North Carolina have stepped in to make new affordable housing construction economically viable after a historic increase in construction costs and elevated interest rates. In August, the North Carolina Housing Finance Agency (NCHFA) released the latest funding awards for 2024.

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Recent Trends in Real Estate Development: Fall 2023

Community and Economic Development Program of UNC

This blog post is the first in a regular series aimed at informing local government partners about current conditions facing private developers and development projects in their communities. In 2021, for example, a developer able to secure a $5 million loan with 3.5% With an interest rate of 8.5%

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Tackling New York City’s Housing Crisis is a ‘Shared Responsibility’

The Stoop (NYU Furman Center)

Top New York City officials urged state leaders in Albany to provide the necessary funding and legislative support to build additional housing as the city contends with its worst housing crunch in over 50 years. "We percent—the lowest mark since 1986, according to the latest NYC Housing and Vacancy Survey released last Thursday.

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Recent Trends in Real Estate Development (Spring 2024)

Community and Economic Development Program of UNC

These posts are meant to inform local governments about current conditions facing private developers and real estate development projects in their communities. Figure 1) Source: Fannie Mae Developers continue to report challenges caused by high interest rates.

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Developing Affordable Housing Through Collaborative City-University Partnerships

NLC (National League of Cities)

In our nation’s cities, the lack of affordable housing continues to challenge local leaders. According to the 2023 Urban Institute study, there was a shortage of 7.3 Written in collaboration with Gregory Kienzl, Director of Data and Impact, Office of Engagement and Community Affairs, University of Pittsburgh.

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Quote on housing that's very apt: "As demand for housing rises, Philadelphia’s neighborhoods can either remain affordable or remain low-density. They cannot do both"

Rebuilding Place in Urban Space

It's relevant to both strong and weak markets, because even in weak markets, there probably isn't enough housing. I think back in the day when the center city downtown was so thriving, it was close enough to the west side that there wasn't a big push to develop retail districts there. This is true everywhere, not just in Philadelphia.

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