PHA – Partnership for Housing Affordability



-1537436800 Partnership for Housing Affordability Richmond Regional Housing Framework Issue BriefLow Income Housing Tax Credit Properties: Chesterfield County46672501781175Economic impactMarket Square IV – 60 UnitsProject Completion: 2020Estimated Job Creation: 111.3Estimated Gross Fiscal Revenues (Short Term): $463,593.52Estimated Local Economic Growth: $7,149,588Estimated Gross Fiscal Revenues (Long Term): $814,248.00Preservation7 LIHTC properties—786—units will reach year 15 of their affordability period in the next 5 years. 2 LIHTC properties—300—units will reach year 30 of their affordability period in the next 10 years.350000Economic impactMarket Square IV – 60 UnitsProject Completion: 2020Estimated Job Creation: 111.3Estimated Gross Fiscal Revenues (Short Term): $463,593.52Estimated Local Economic Growth: $7,149,588Estimated Gross Fiscal Revenues (Long Term): $814,248.00Preservation7 LIHTC properties—786—units will reach year 15 of their affordability period in the next 5 years. 2 LIHTC properties—300—units will reach year 30 of their affordability period in the next 10 years.Overview/Issue – Since the 1980s, nearly all new dedicated affordable apartments are created using the Low-Income Housing Tax Credit (LIHTC) program.LITHC primarily serves persons earning 40% to 80% AMI ($31,120 – $62,200 for a family of 3).Each LIHTC property has an expiration date for its affordability of either 15 or 30 years.Key Facts – Chesterfield has 2,537 LITHC units (out of 18,429 total multi-family units).The average LIHTC property is 126 units.Senior-restricted units account for roughly 25% of Chesterfield’s LIHTC stock. Policy Recommendations – Create a system to monitor expiring affordable munity development organizations to explore acquisition of expiring affordable housing.Partner with owners to incentivize and ensure that properties do not convert to market-rate. Implications – Housing instability places a strain on public resources, requiring social services, courts, and providers to intervene.Demand for affordable units far exceeds the amount of LIHTC units produced annually.Without preservation, the loss of LIHTC units will result in displacement. ................
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