California Housing Partnership has just released a new 2021 report which documents the urgency and value of affordable housing preservation efforts statewide. According to this report, “California has already lost 18,043 subsidized affordable rental homes and another 6,785 subsidized affordable rental homes are at risk of market rate conversion as soon as next year. These homes house thousands of low-income seniors, families and individuals and can be found in 35 of California’s 55 counties.”
“At a time when the state is confronting a housing and homelessness crisis of historic proportions and the cost of new development is still high, we must invest in preserving California’s precious existing affordable homes,” says Matt Schwartz, President and CEO of the California Housing Partnership.
Below is an excerpt from the 2021 report’s introduction. You can view the PDF containing the full report at the bottom of the page.

18,043

affordable rental homes
California has already
lost; almost one-third were
LIHTC-financed

30,102

affordable homes at risk of
losing affordability in the
next ten years

6,785 (23 percent)

homes that may no longer
be affordable as soon as
next year

ABOUT THIS REPORT

To inform affordable housing preservation efforts across California, the California Housing Partnership (the Partnership) annually assesses the historical loss and conversion risk of federally- and state-subsidized affordable rental developments.1 This includes multifamily properties financed or assisted by the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA), the California Housing Finance Agency (CalHFA), the California Department of Housing and Community Development (HCD), and the Low-Income Housing Tax Credit (LIHTC/”housing credits”) program administered by the California Tax Credit Allocation Committee (TCAC).

These findings show that the risk of subsidized affordable rental homes (“affordable homes”) converting to market rate is very real in the state’s tight housing markets. Six of the ten most expensive cities in the United States for a two-bedroom are in California. Paying rent has also become increasingly challenging as the COVID-19 pandemic continues to hurt households’ incomes, especially for the lowest income members of our
communities.

You can view and download the PDF of the full report by clicking here.

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