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Kim, Jeongseob
Urban Planning and Analytics Lab.
Research Interests
  • Housing Policy, Real-estate Development, Urban Regeneration, Urban Analytics, Smart Cities

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Opting In, Opting Out: A Decade Later

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Title
Opting In, Opting Out: A Decade Later
Author
Ray, AnneKim, JeongseobNguyen, DiepChoi, JongwonMcElwain, KellyStater, Keely Jones
Issue Date
2018-03
Publisher
US DEPT HOUSING & URBAN DEVELOPMENT
Citation
CITYSCAPE, v.20, no.1, pp.63 - 88
Abstract
This article updates the U.S. Department of Housing and Urban Development (HUD) report Multifamily Properties: Opting In, Opting Out and Remaining Affordable (Finkel et al., 2006). The original report examined the loss of affordable housing associated with HUD's Section 8 project-based rental assistance and Section 236 and 221(d)(3) subsidized mortgage programs between 1998 and 2004. It found that properties with low rents compared to the surrounding Fair Market Rent (FMR), that serve a family population, and that are owned by for-profit corporations were particularly at risk for loss of affordability. The analysis is updated here for the period 2005 to 2014. It shows that more owners made active decisions to opt in to Section 8 assistance in the latter period, while HUD's older subsidized mortgage programs were largely being phased out. Factors such as forprofit ownership and low rent-to-FMR ratios continued to be associated with higher risk of loss of affordability, but these factors were less influential from 2005 to 2014 than in the original study. The article also explores the use of the Low-Income Housing Tax Credit Program and HUD refinancing to preserve affordability in Section 8 developments. The analysis finds that these preservation tools are associated with extended affordability for thousands of HUD-assisted properties. Additional preservation initiatives and improved targeting may be needed to preserve other HUD-assisted properties, particularly smaller developments in strong real estate markets.
URI
https://scholarworks.unist.ac.kr/handle/201301/23967
URL
http://www.jstor.org/stable/26381221
ISSN
1936-007X
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