Communities across the United States are in need of affordable housing. Not a single county in the US can fill 100% of its low-income population's need for affordable housing, with some providing less than 1 in 10 of the needed affordable housing units. This gap negatively affects our communities, with housing instability affecting education, health, and economic security, particularly in households with children and seniors.
Extremely Low Income renters (ELI) who earn 30% or less of area median income, many of which are seniors, are most at risk for housing:
- 1 out of every 4 renter households is an extremely low income household.
- 76% of ELI renters spend over 50% of their income on housing costs, leaving little left over for basic needs.
- There are affordable and available apartments for only 3 in 10 ELI renter households.
- Between 2000 and 2013, the number of ELI renter households increased 38 percent, while the supply of adequate, affordable, and available rental homes for these households increased only 7 percent.
Property based Section 8 housing subsidies and Low Income Housing Tax Credits play a pivotal role in housing low income households, yet demand far exceeds supply. BLVD Communities aims to preserve and expand this supply through a long term commitment to creating financially viable affordable housing.
Source: Urban Institute - The Housing Affordability Gap for Extremely Low Income Renters in 2013
Source: NLIHC - Out of Reach 2013