A new affordable housing development in San Francisco offers 95 one-, two-, or three-bedroom apartments, and attracted 6,580 applicants hoping to live there.
The Natalie Gubb Commons' nonprofit developer, Mercy Housing, got the land for free as part of the city's affordable housing requirement in the neighborhood's redevelopment, and is reserved for households with incomes up to 50 percent of the local median, The New York Times reports. Funding also came through California's cap-and-trade emissions program revenue and Low-Income Housing Tax Credits. An online lottery system was used to select the development's new residents.
As the development neared completion, Congress was closing in on a tax overhaul whose central goal, a much lower corporate tax rate, would make it harder to finance projects like this one, in a time of acute housing need. By one estimate, the bill would erase 235,000 affordable rental homes nationwide over the coming decade ... Too, the value of Low-Income Housing Tax Credits began to fall. A lower corporate tax rate meant companies would have less reason to put equity into affordable housing in exchange for credits to offset their tax liability.
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
