Builders Patch Digest #4

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Twice a month, we send curated news about affordable housing, multifamily housing, and proptech to you. Have any suggestions, questions, or feedback? Drop us a line at [email protected]

In today's news...

?? Do you rent? You may be more vulnerable to climate-driven disasters

?? NPR ? July 31, 2024

Climate disasters are wreaking havoc across the United States and are disproportionately impacting renters, who often lack the financial resources and insurance protection of homeowners.?

Hurricane Ian survivors are facing a financial crisis long after the storm has passed. The once-affordable paradise of Matlacha, Florida, was shattered by the Category 5 hurricane. It left residents grappling with staggering financial losses. As a renter, Venus James found herself particularly vulnerable, with no insurance coverage and soaring costs for everything from housing to necessities.?

Rising rents, job losses, and the depletion of savings have pushed many survivors into a cycle of financial hardship. Experts call for increased government support, including eviction moratoriums and direct financial assistance, to help renters recover from disasters and prevent further economic devastation.

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?? Greystone expands affordable housing initiatives with initial LIHTC fund

?? Affordable Housing Finance ? July 25, 2024

Greystone, a prominent commercial real estate finance firm, is expanding its affordable housing portfolio with the launch of its first national multi-investor Low-Income Housing Tax Credit (LIHTC) fund. Led by industry veterans Greg Voyentzie, Sarah Laubinger, and Todd Jones, the fund aims to raise $100 million and is expected to close by early next year. ??

The new venture leverages Greystone's existing strength in affordable housing lending to offer a comprehensive suite of financing solutions for developers. The company plans to develop proprietary tools to streamline deal evaluation and management, enhance investor returns, and drive positive community impact.

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?? Homelessness, already at a record high last year, appears to be worsening among workers

?? The Washington Post ? July 15, 2024

Homelessness is rising in the US, with a growing number of employed people now unable to afford housing due to high rents. Plumbers, delivery workers, pizzeria employees, casino supervisors, and other working-class Americans are becoming the new faces of homelessness.

?Rising costs and a lack of affordable housing options are forcing people to sleep in cars, motels, or even public spaces. The situation is particularly difficult for those who don't qualify for government assistance due to their income but cannot afford rent on their own. Experts say increasing rental assistance and building more affordable housing are some ways to address this issue.

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