HOW MATURING SUBSIDIZED MORTGAGES
THREATEN AFFORDABLE HOUSING IN LOS ANGELES
A Report on At-Risk Affordable Housing in Los Angeles by Public Counsel and the Coalition for Economic Survival
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Los Angeles continues to face a shortage of housing that is affordable to low-income residents. Meanwhile, much of the City's affordable housing is at risk of being lost in the next few years due to the maturity of HUD-subsidized mortgages. This report describes what's at risk and why, and outlines some responses that are needed to keep this housing affordable.
The Coalition for Economic Survival (CES) has been providing outreach, training and organizing assistance to tenants living in HUD subsidized housing where owners are seeking to opt-out of the project-based Section 8 rent subsidy contract or prepay the HUD subsidized mortgage, thus removing federal rent restrictions for over two decades. CES' work has resulted in many subsidized housing units being preserved as affordable. But, many more units are still at-risk. This report describes the crisis that is upon us.