Funding Funding is key to developing and maintaining subsidized or affordable housing for older adults . Developing new and innovative ways to access public and
private money to supplement rising market rate values is a critical to sustaining affordable housing projects for the long-term. Traditional public funding resources such as Low Income Housing Tax Credit (LIHTC) are often difficult for developers to secure and don’t keep pace with rising construction costs, making affordable housing development less attractive to developers. Recommendations: • Apply underutilized American Recovery Plan Act funding to support financing gaps not covered by LIHTC, and advocate for extending affordability time limit beyond current 15 year requirement. • Establish a regional Trust Fund to support affordable housing for older adults that would explore funding streams including, but not limited to, special taxing districts, and new sales tax to suport development and housing subsidies. • Cultivate ongoing relationships with other affordable housing advocates to develop funding campaigns. • Partner with Managed Care Organizations, hospitals, and insurance companies to secure funding for housing developments that contribute to public health indicators. • Examine crowd sourcing and other fundraising trends that engage community interest across multiple interest and demographics. • Advocate for local government lawmakers’ investment in Community Land Trusts to acquire and own land, preserving housing affordability in perpetuity. • Encourage public and private foundations to lead the formation of partnership funding groups that would offer low interest rates (2%) and grants to support subsidized housing.
See Selected Resources Page 19
12
Made with FlippingBook Online newsletter maker