Affordable Housing Pays Off for City
(Crain’s) — Affordable housing built with help from the use of federal low-income housing tax credits has a positive impact on distressed neighborhoods in the city and is crucial to economic development, according to a new study scheduled for release Wednesday.
The study found that the use of federal low-income housing tax credits is crucial to building and rehabilitating affordable housing, and to helping inner city neighborhoods. By paying affordable rent—monthly rents averaging $500—families were able to more than double their discretionary income, which in turn allowed them to pay for health care, reduce their debt or put money into savings.
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