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Article: Economy hurting affordable housing in the Rochester region
- Article from:
- Daily Record (Rochester, NY)
- Article date:
- September 2, 2009
- Author:
CopyrightCopyright 2009 Daily Record (Rochester, NY). Provided by ProQuest LLC. (Hide copyright information)
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The waiting list for affordable housing in the Rochester region
is growing in the current economy -- but funding to provide it has
been crippled.
Local affordable housing experts say they have never seen the
situation as difficult as it has been this year.
Nationwide, funding to build low-cost apartments has dropped by
more than half in two years to $4 billion. Hundreds of projects
can't get off the ground because the federal tax credits that help
offset development costs are currently worthless to traditional
investors.
For more than two decades, the government subsidized the
development of low-income apartments with a special tax credit.
Every year, the government divvied up the tax ...