| Dear Trey,
Demand for affordable rental housing has increased by 21 percent, but the rate of building these units is at its lowest since the 1970s.* The 2017 annual report from The Joint Center for Housing Studies of Harvard University, The State of the Nation's Housing, found that the demand for affordable rental housing far outpaces supply. More than 11 million renter households were severely cost burdened in 2015 (i.e., those spending more than 50 percent of their income for housing).
The Low Income Housing Tax Credit (LIHTC) program was added to the Internal Revenue Code in 1986 to provide an incentive to private owners to create and maintain affordable housing. Since its inception, LIHTC has been synonymous with low-quality housing, especially in southern states. When used properly as urban renewal capital, however, LIHTC transforms blighted or disinvested neighborhoods into thriving, strong communities.
Please join us for our next Delta Communities convening on September 21. We will explore how affordable housing development, done properly, can break the cycle of poverty, catalyze change and generate economic development for communities and families in the Delta. Speakers will include: - Clarence Chapman, CEO of Chartre Consulting Ltd., who will explain how—as a private developer—his company produces high-quality housing available exclusively for lower-income residents;
- Billy Nowell, mayor of Cleveland, Miss., who will share the positive impact that affordable housing built by Chartre Consulting has had on a blighted neighborhood, city and residents; and
- Jere ("Trey") Hess, director of brownfields and economic development at PPM Consultants, who will discuss how one city's liability—an old hospital—will be transformed into an asset: an affordable housing development.
There will also be two panels comprised of representatives from lenders who offer financing for single-family and multifamily housing.
Participation in this session is free; however, registration is required by Monday, September 18, as space is limited. Lunch will be provided.
Please note that, while the forum will be held in Clarksdale, leaders from communities across the Delta region are encouraged to attend.
For more information, please contact Faith Weekly at 502-568-9216 or faith.e.weekly@stls.frb.org.
We look forward to seeing you! |
| | When | Thursday, September 21, 2017
10 a.m.–1 p.m. CT | | Where | The Bank
123 East Second St.
Clarksdale, MS 38614 | | Registration
Deadline | Monday, September 18, 2017 | * Data from Greystone Affordable Housing Research: Affordable Housing Market Update, August 2017. |
