Latest news with #NationalLowIncomeHousingCoalition
Yahoo
01-06-2025
- Business
- Yahoo
More Than 9 in 10 Americans Say Corporate Landlords Make Home Ownership Harder — and Two Things Homebuyers Can Do
The U.S. has seen a sharp rise in the number of institutional investors buying single-family homes over the past decade, giving corporate landlords much more power over the housing market. This, in turn, has made it harder for many Americans to own a home, mainly because they have to compete against entities with a lot more buying power. Read More: Find Out: A report published last year by the Government Accountability Office revealed that as recently as 2011, no investor owned 1,000 or more single-family rental homes in the U.S. By 2015, institutional investors collectively owned an estimated 170,000 to 300,000 homes. Seven years later, that figure had ballooned to 450,000 single-family homes, according to the National Low Income Housing Coalition. This rapid increase in corporate landlords has created a challenging environment for both tenants and house hunters, according to a recent survey of 1,000 Americans from JW Surety Bonds. The report, released in late March, found that more than 9 out of 10 (93%) Americans believe corporate ownership of homes makes homeownership less accessible. One in 20 lost a bid to a corporate landlord, while roughly 20% know someone who has. So, how can house hunters improve their chances of owning a home in the current environment? Here are two things you can do. As JW Surety Bonds noted, there's a general lack of awareness on the part of many Americans about the scale of corporate home ownership. About 10% of those surveyed didn't know that businesses managing multiple rental properties were acquiring single-family homes. One of the best moves you can make is to research the housing market and learn where corporate ownership tends to be highest. This will at least let you know where you're likely to run up against institutional investors, which means you could face stiff competition and inflated home prices. Avoiding markets with a high concentration of corporate landlords makes it easier to find affordable homes. Discover Next: Bidding wars against corporate buyers are 'pushing many people out of the market,' according to JW Surety, because they can't compete on price. Keep in mind that corporate landlords have a lot of financial might, so getting into a bidding war puts you in a tough position. No matter who you compete against for a home, make it a point to stick to your budget. Going above your comfort zone on price could lead to years of financial stress if you spend more on a home than you can afford. It's better to avoid bidding wars with corporate landlords altogether so you're not tempted to pay more than you should. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on More Than 9 in 10 Americans Say Corporate Landlords Make Home Ownership Harder — and Two Things Homebuyers Can Do Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Trump proposes cut to federal rental assistance. California would be hit hard
The Trump administration wants to sharply reduce funding for federal rental assistance that helps hundreds of thousands of California households afford a home. The plan, part of the president's 2026 budget proposal, calls for a 43% reduction in funding available for a variety of programs it labels "dysfunctional," including public housing and the voucher program commonly known as Section 8. Millions use the programs nationwide, and the administration said it is seeking to give states more responsibility and flexibility on how they are run, while also proposing "able bodied adults" only receive rental assistance for two years, thus ensuring most funds flow to the elderly and disabled. The proposal has drawn sharp criticism from advocates for low-income households, who say it would worsen the housing affordability crisis, increase homelessness and unfairly punish workers whose bosses simply don't pay them enough. According to the National Low Income Housing Coalition, minimum-wage workers can afford a market-rate, one-bedroom apartment in only 6% of U.S. counties while working 40 hours a week. There's no county where such workers can afford a two-bedroom. "Millions of fewer people would receive assistance," said Sonya Acosta, a senior policy analyst with the Center on Budget and Policy Priorities, a left-leaning think tank. "We heard during President Trump's campaign that his plan was to make housing more affordable and this is really doing the opposite." In addition to the cuts to rental assistance, the administration is seeking to cut some money specifically set aside for homeless programs. For now, the proposals are just a wish list. Congress is the government branch that writes budgets and approves them, though presidents offer recommendations and can veto a budget instead of signing it into law. Acosta said there's been bipartisan support for housing assistance for years and she hopes it will continue, but said it's not guaranteed that Trump's requests will be rejected. "I don't think we can ignore anything that the administration is doing right now," Acosta said. In a statement, Housing and Urban Development Secretary Scott Turner criticized the federal government as "too bloated and bureaucratic to efficiently function" and called the president's budget a positive step that will streamline existing programs in order to "serve the American people at the highest standard." The budget proposal targets two main rental assistance programs, which even now aren't funded at levels to enroll everyone who could qualify, leaving many on wait lists for years. One is traditional public housing — government-owned properties such as Nickerson Gardens in Watts that offer affordable rent to low-income households. The second is a voucher program commonly known as Section 8. It was launched in the 1970s by the federal government as an alternative to public housing projects, which were criticized for segregating poor families in neighborhoods with low-quality schools and other substandard services. Unlike public housing, the subsidy under Section 8 can move with low-income tenants so that they can find housing with private landlords. Tenants typically pay around 30% of their income toward rent, with the federal government picking up the rest. More than 5 million American households use some form of federal rental assistance, with 560,000 of those residing in California, according to estimates from the Center on Budget and Policy Priorities. The Trump administration's budget proposal would dramatically decrease funding for rental assistance programs and change how money is distributed. Today, the federal government allocates money each year to local housing authorities so they can run public housing, Section 8 and other programs. The administration said it wants to stop that practice and instead send one rental assistance "block grant" to each state, so they can "design their own rental assistance programs based on their unique needs and preferences," which could mean maintaining public housing and Section 8 or trying something different. The administration said it would encourage states to provide funding of their own to "ensure that similar levels of recipients can benefit from the block grant." However, that could prove difficult given state budget constraints. In general, Edward Ring, co-founder of the conservative California Policy Center, praised the idea of block grants and hoped they could be given directly to local governments so they, not Sacramento, could experiment with solutions. Ring said cutting overall funding for rental assistance would not be beneficial "in the short run" for people who really need it. But such cuts could pressure California to undertake reforms that he said are needed to make the state naturally more affordable, namely reducing government regulations to allow more home building, including new suburbs on vacant land. "If we could bring down the price of housing, we would be able to also support people who need assistance with less money," Ring said. Turner, in his statement, echoed the idea of pressure, saying the president's budget proposal would ensure state and local governments "have skin in the game and carefully consider how their policies hinder or advance goals of self-sufficiency and economic prosperity." Sharon Wilson Geno, president of the National Multifamily Housing Council, said the trade group supports efforts to cut red tape to streamline Section 8 for property owners, but she called the program "critical" and hoped Congress will think about the impact the proposed cuts would have. Matt Schwartz, chief executive of the nonprofit California Housing Partnership, views the idea of a rental assistance block grant as a threat to programs he said successfully make housing affordable for millions. He said members of Congress tend to be more open to cutting such vague state grants compared with slashing funding specifically targeted to a singular program that helps their constituents. Devastation from Trump's proposal would extend beyond tenants to landlords and affordable housing developers who rely on Section 8, Schwartz said. That's one reason he believes Congress won't accept it. "Their districts would be significantly harmed by these [cuts] — no matter your political philosophy," Schwartz said, who added Democrats could stop the measure by filibuster in the Senate. "I don't see any way you get 60 votes on anything that looks like this." Lourdes Castro Ramirez, chief executive of the Housing Authority of the City of Los Angeles, said some of the programs targeted for reductions have recently helped the city reduce unsheltered homelessness, including the presence of tents and other makeshift structures. "These cuts could reverse our progress and further strain local efforts to solve the affordability, housing supply, and homelessness crisis," she said in a statement, adding the agency looked forward to collaborating with the administration and Congress "to advance effective housing solutions." Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
Los Angeles Times
08-05-2025
- Business
- Los Angeles Times
Trump proposes cut to federal rental assistance. California would be hit hard
The Trump administration wants to sharply reduce funding for federal rental assistance that helps hundreds of thousands of California households afford a home. The plan, part of the president's 2026 budget proposal, calls for a 43% reduction in funding available for a variety of programs it labels 'dysfunctional,' including public housing and the voucher program commonly known as Section 8. Millions use the programs nationwide, and the administration said it is seeking to give states more responsibility and flexibility on how they are run, while also proposing 'able bodied adults' only receive rental assistance for two years, thus ensuring most funds flow to the elderly and disabled. The proposal has drawn sharp criticism from advocates for low-income households, who say it would worsen the housing affordability crisis, increase homelessness and unfairly punish workers whose bosses simply don't pay them enough. According to the National Low Income Housing Coalition, minimum-wage workers can afford a market-rate, one-bedroom apartment in only 6% of U.S. counties while working 40 hours a week. There's no county where such workers can afford a two-bedroom. 'Millions of fewer people would receive assistance,' said Sonya Acosta, a senior policy analyst with the Center on Budget and Policy Priorities, a left-leaning think tank. 'We heard during President Trump's campaign that his plan was to make housing more affordable and this is really doing the opposite.' In addition to the cuts to rental assistance, the administration is seeking to cut some money specifically set aside for homeless programs. For now, the proposals are just a wish list. Congress is the government branch that writes budgets and approves them, though presidents offer recommendations and can veto a budget instead of signing it into law. Acosta said there's been bipartisan support for housing assistance for years and she hopes it will continue, but said it's not guaranteed that Trump's requests will be rejected. 'I don't think we can ignore anything that the administration is doing right now,' Acosta said. In a statement, Housing and Urban Development Secretary Scott Turner criticized the federal government as 'too bloated and bureaucratic to efficiently function' and called the president's budget a positive step that will streamline existing programs in order to 'serve the American people at the highest standard.' The budget proposal targets two main rental assistance programs, which even now aren't funded at levels to enroll everyone who could qualify, leaving many on wait lists for years. One is traditional public housing — government-owned properties such as Nickerson Gardens in Watts that offer affordable rent to low-income households. The second is a voucher program commonly known as Section 8. It was launched in the 1970s by the federal government as an alternative to public housing projects, which were criticized for segregating poor families in neighborhoods with low-quality schools and other substandard services. Unlike public housing, the subsidy under Section 8 can move with low-income tenants so that they can find housing with private landlords. Tenants typically pay around 30% of their income toward rent, with the federal government picking up the rest. More than 5 million American households use some form of federal rental assistance, with 560,000 of those residing in California, according to estimates from the Center on Budget and Policy Priorities. The Trump administration's budget proposal would dramatically decrease funding for rental assistance programs and change how money is distributed. Today, the federal government allocates money each year to local housing authorities so they can run public housing, Section 8 and other programs. The administration said it wants to stop that practice and instead send one rental assistance 'block grant' to each state, so they can 'design their own rental assistance programs based on their unique needs and preferences,' which could mean maintaining public housing and Section 8 or trying something different. The administration said it would encourage states to provide funding of their own to 'ensure that similar levels of recipients can benefit from the block grant.' However, that could prove difficult given state budget constraints. In general, Edward Ring, co-founder of the conservative California Policy Center, praised the idea of block grants and hoped they could be given directly to local governments so they, not Sacramento, could experiment with solutions. Ring said cutting overall funding for rental assistance would not be beneficial 'in the short run' for people who really need it. But such cuts could pressure California to undertake reforms that he said are needed to make the state naturally more affordable, namely reducing government regulations to allow more home building, including new suburbs on vacant land. 'If we could bring down the price of housing, we would be able to also support people who need assistance with less money,' Ring said. Turner, in his statement, echoed the idea of pressure, saying the president's budget proposal would ensure state and local governments 'have skin in the game and carefully consider how their policies hinder or advance goals of self-sufficiency and economic prosperity.' Sharon Wilson Geno, president of the National Multifamily Housing Council, said the trade group supports efforts to cut red tape to streamline Section 8 for property owners, but she called the program 'critical' and hoped Congress will think about the impact the proposed cuts would have. Matt Schwartz, chief executive of the nonprofit California Housing Partnership, views the idea of a rental assistance block grant as a threat to programs he said successfully make housing affordable for millions. He said members of Congress tend to be more open to cutting such vague state grants compared with slashing funding specifically targeted to a singular program that helps their constituents. Devastation from Trump's proposal would extend beyond tenants to landlords and affordable housing developers who rely on Section 8, Schwartz said. That's one reason he believes Congress won't accept it. 'Their districts would be significantly harmed by these [cuts] — no matter your political philosophy,' Schwartz said, who added Democrats could stop the measure by filibuster in the Senate. 'I don't see any way you get 60 votes on anything that looks like this.' Lourdes Castro Ramirez, chief executive of the Housing Authority of the City of Los Angeles, said some of the programs targeted for reductions have recently helped the city reduce unsheltered homelessness, including the presence of tents and other makeshift structures. 'These cuts could reverse our progress and further strain local efforts to solve the affordability, housing supply, and homelessness crisis,' she said in a statement, adding the agency looked forward to collaborating with the administration and Congress 'to advance effective housing solutions.'
Yahoo
18-04-2025
- Business
- Yahoo
One map shows the affordable housing gap for low-income renters across the US
Extremely low-income households make up one in four renters in the US. The market has a shortage of about 7.1 million rental homes for extremely low-income renters. Black, Latino, and Indigenous renters face higher unaffordability due to historical discrimination. A quarter of all renter households are extremely low-income — and there's a huge shortfall in apartments they can afford, per a new report from the National Low Income Housing Coalition. There are 35 rental homes available for every 100 extremely low-income households — or those at or below either the federal poverty level or 30% of their area's median income, whichever is higher — across the country, per the data analysis published in March. The US housing market has a shortage of around 7.1 million rental homes that are affordable and available to the 10.9 million households that fall below those thresholds. "You can either boost their incomes through a demand side subsidy, like a housing voucher as a choice voucher," said Dan Emmanuel, an author of the report and a research manager at NLIHC. "Or you can construct units right and expand supply and target those units to extremely low-income renters." Using data from the 2023 American Community Survey from the US Census Bureau, the NLIHC aggregated information on household economics and demographics. The study found which rental units are affordable for each household based on the units' rent and utility bills falling below 30% of the household's income. Every state has a shortage of affordable housing for those at the bottom of the income distribution, the worst being Nevada at 17 affordable rentals not already occupied by a higher-income household for every 100 extremely low-income households. The best being North Dakota at 62 rentals. Although the state of Massachusetts has one of the most expensive housing markets in the country, its capital is ranked second for the availability of affordable rentals. On the other hand, three major cities in Texas — Houston, Dallas, and Austin — are listed among the top five cities with the most severe rental shortages despite the fact that the median price of a home in Texas is around $40,000 less than the national median price. "It's much easier and cheaper to build housing in Texas," Emmanuel said of the laxer regulatory requirements on developers in the Lone Star State. But he said that doesn't always mean that housing elasticity will ensure affordability. "Some states invest a lot more in housing assistance than other states do." Most extremely low-income renters work in low-paying service industry roles like retail or as home health aides, Emmanuel said. Forty-two percent of the labor force in the extremely low-income category works more than 40 hours a week, he added. Pay has not kept up with rent increases and nearly half of all renter households are cost-burdened, meaning they spend more than 30% of their income on rent, per the Census Bureau. Emmanuel also said that the national push to raise the federal minimum wage to $15 coincided with a slight decrease in the shortage of affordable housing for extremely low-income renters in 2023 compared to the year prior. Some renters are experiencing higher rates of housing unaffordability than others. Black, Latino, and Indigenous households are more likely to be extremely low-income renters than their white peers. "The history is employment discrimination and housing discrimination that kept communities of color out of home ownership and generating wealth and transmitting wealth generationally," Emmanuel said. Do you have a story to share about rising rent costs in your city? Reach out to this reporter at jdeng@ to share your story. Read the original article on Business Insider
Yahoo
18-03-2025
- Business
- Yahoo
Ohio sees slight dip in affordable housing shortage, according to new study
Stock photo from Getty Images. Ohio is lacking more than 264,000 affordable rental units, according to a new report. This is actually about a 1% decrease compared to last year — which had a shortage of 267,382 affordable units available, according to the 2025 Gap Report released by the National Low Income Housing Coalition and the Coalition on Homelessness and Housing in Ohio. 'The new housing programs that Ohio created in the last budget bill are having a positive impact, even as pandemic-era housing assistance expired and rents continued rising,' COHHIO Executive Director Amy Riegel said. Ohio has more than 438,000 extremely low-income households with only 40 affordable units available to every 100 extremely low-income household, according to this year's report. Extremely low-income is income that is at or below either the federal poverty guideline or 30% of their area median income. Columbus has 25 affordable housing units available for every 100 extremely low-income (ELI) household — making it less affordable than other major cities, according to the report. San Francisco has 31 units per every ELI 100 households and New York City has 34 units, according to the report. And it's not just Columbus. Rural and suburban counties in Ohio also have shortages of affordable and available housing: Van Wert has 18 units for every 100 extremely low-income households. Wayne County has 26 units for every 100 extremely low-income households. Wood County has 24 units for every 100 extremely low-income households. Delaware County has 26 units for every 100 extremely low-income households. Williams County has 28 units for every 100 extremely low-income households. Darke County has 28 units for every 100 extremely low-income households. Fairfield County has 31 units for every 100 extremely low-income households. Allen County has 33 units for every 100 extremely low-income households. Ohio's 2023 budget created the Low-Income Housing Tax Credit, which is modeled after the federal version. The Ohio House Finance Agency reserved $87.5 million in tax credits for new projects during fiscal year 2024 and low-income households moved into more than 5,000 new affordable rental housing units. Ohio Gov. Mike DeWine's state budget proposal would invest $100 million to the Ohio Housing Investment Opportunity Program in fiscal year 2026. Lawmakers in the Ohio House are currently working on the budget, which he must sign by July 1. NLIHC Interim President and CEO Renee Willis said pending cuts to the U.S. Department of Housing and Urban Development would make the country's affordable housing crisis worse. The Department of Government Efficiency plans to reduce HUD's staffing by about half. 'There is no path to addressing the housing crisis for the lowest-income renters that doesn't involve increasing resources for assistance and supporting the agencies that administer our housing programs,' she said in a statement. Follow Capital Journal Reporter Megan Henry on Bluesky. SUPPORT: YOU MAKE OUR WORK POSSIBLE
