Affordable Housing: A Lighthouse in the Tempest
At the risk of sounding like a broken record, the major themes that dominated the quarter remained inflation and rising interest rates—two forces that have been directly increasing the financing, construction, and operational costs for affordable housing throughout the year. What’s different this time, however, is that prices and rates are rising at a time when we are, for all intents and purposes, in a recession.
As the price of essential goods and services rise at a much faster rate than wages, it is yet another reminder that the same forces making it harder to increase the supply of affordable housing are also boosting demand for it. At a time of rising costs, we recognize the need to continue our important mission of transforming communities and lives with affordable housing as the foundation.