New York Housing Conference has updated our analysis from last spring of arrears in affordable housing. The analysis shows that arrears in affordable housing remain at exceptional levels.
In more than 52,000 units operated by nonprofit and for-profit providers, 17,880 units – 34 percent of households – in affordable housing are in arrears of more than 2 months. The households owe nearly $130 million in total, coming to $7,260 on average per household in arrears. Compared to our analysis last spring, a slightly greater share of renters are in arrears – 34% compared to 31%. However, the average amount owed is slightly less – $7,260 compared to $9,565.
These small changes since March highlight the reality that after nine months, there are still extremely large arrears in affordable housing that continue to put the financial stability of these buildings at risk. Government interventions and other solutions have not yet meaningfully improved the situation.
Read the full report here.