“There’s No Place Like Home For the Holidays”

By Jessica Hoefer
December 1, 2022 3 min read

As I write this, I am already feeling nostalgic for the holiday season. Celebrating with family and friends, safely ensconced in my childhood home. But I remind myself that I am among the fortunate, not only to have a home, but one that I can afford. There are so many without safe or affordable housing this year. If only Santa manufactured houses instead of toys.

Throughout the year, these pages include economic outlooks, practical advice, groundbreaking studies, innovations in technology and so much more. We’ve educated, advocated for and supported the affordable housing industry. And, thanks to this industry, quality affordable housing and services have been achieved. But we continue to struggle with quantity. There is never enough affordable housing. And as winter and the holiday season approach, there are too many struggling to find a safe place to live. It’s not just a problem, it’s a crisis. Now is the time to advocate for more. More resources, more funding, more housing.

Since we cannot send Santa an affordable housing wish list, it’s time to advocate. But as the need for affordable housing reaches crisis levels it’s not just about what the states can do. The federal government must do something.

In Housing USA, Scott Beyer compares the variety of government-assisted housing models, both within the U.S. and around the globe. Beyer addresses the chronic underfunding of public housing from the federal government, while pointing out that properties built using Low Income Housing Tax Credits are privately owned, government-subsidized and are built and maintained at a higher standard. And in The Guru Is In, David Smith suggests reframing the narrative around housing. Smith posits that affordable housing is not simply a human good. He argues that adding affordable housing to cities results in a boost in economic development.

And Smith isn’t the only one exclaiming how affordable housing positively affects the economy. In Contradicting NIMBY, a study released by the Journal of Housing Economics found that subsidized low-income housing increased property values. Like Smith, the researchers flipped the narrative, believing that the LIHTC program was not like past public housing. In fact, the study demonstrates empirically that property values are not negatively affected by affordable housing and that the benefits of well-designed and well-managed affordable housing far outweigh any negative impacts.

While advocating for increased tax credits and funding is at the top of the list, getting deals over the finish line is crucial to securing additional housing. In a shifting economic landscape, it is vital that all entities work together on deals. In Patience, Creativity and Strong Communication with Partners, industry representatives, including an accountant, housing finance agency, lawyer, syndicator and developer share what it takes to close deals.

And no holiday season is complete without that feel-good moment. For that, we look to The David Reznick Foundation’s work to honor an affordable housing icon while supporting community development and nurturing the next generation of leaders, which is heartwarming. (The David Reznick Foundation Announces New Initiatives.)

In this issue, we see that housing is really the gift that keeps on giving. And as the song says, “There’s no place like home for the holidays.”

Wishing you all a safe and happy holiday season.

Regards,

Jessica Hoefer
Editor-in-Chief

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