Housing News Roundup: December 13, 2018
Zillow Report Finds That the Bay Area Has 6,000 More Homeless People Than Previously Thought
A Zillow report released on Tuesday found that 25,951 people were homeless in the Bay Area last year, 6,000 more than were counted by the US Department of Housing and Urban Development (HUD). The Zillow analysis took into account cities’ populations, poverty rates, rent affordability, and other metrics, while HUD’s count relies on volunteers and city or county staff to visually count homeless residents. “To really get the scope of this problem, having more accurate numbers is important—to really justify that this is an issue that deserves attention,” said Skylar Olsen, director of economic research and outreach for Zillow.
Source: Mercury News
Minneapolis Will Allow Denser Development in Single-Family Neighborhoods
The Minneapolis city council just passed a comprehensive plan that, among other reforms, will allow multifamily housing in neighborhoods zoned for single-family housing to increase affordable development. The plan aims to combat racial and social barriers, such as a long history of redlining. “I believe that affordable housing should be in every neighborhood. There’s a right to live in a great city,” said Minneapolis mayor Jacob Frey.
President to Sign an Executive Order That Will Direct Federal Resources to Opportunity Zones
President Trump plans to sign an executive order that will direct federal agencies to drive spending toward Opportunity Zones—high-poverty areas or areas that border them—to encourage development in distressed communities. An anonymous administration official said that the new regulations would require reporting for investments in zones, a provision that would allow for program evaluation and measuring impact.
Source: New York Times
Intergenerational Housing for Youth Transitioning out of Foster Care
Bridge Meadows, a housing community in Portland, Oregon, is offering intergenerational living to youth transitioning out of foster care, adoptive parents of children, and seniors who need affordable housing who volunteer as part of a lease agreement. Bridge Meadows is modeled after a program in rural Illinois that saves the foster care system roughly $50,000 per child who stays in the program for 10 years. It’s funded by foundation money and tax credits for low-income housing.
As LIHTC Credits Expire, Detroit’s Affordable Housing Stock Could Take a Major Hit
Detroit has 7,000 or more affordable housing units in buildings with low-income housing tax credits (LIHTC) that will expire in the next five years, opening the possibility of large-scale renter displacement. “That’s a huge number. It’s really close to half the total low-income housing units the city has,” said Margaret Dewar, a professor with the University of Michigan who researches LIHTC. Recently, the city approved a Detroit Local Initiatives Support Corporation to plan a $250 million fund that could help address the potential loss.
Source: The Detroit News