The bill's successful passage to the Senate floor, not tomention the delays in funding it, also serves to highlight largerdifficulties in finding financing for affordable housing – a stateof affairs that has been building for the last year or so. Forinstance, the funding delay is a story that is being replayed instate and local legislatures throughout the country as the economyslows, according to George T. Faris, an attorney with LammRubenstone. "Whenever there is a general tightening of budgets, oneof the first programs hit is affordable housing," he tellsGlobeSt.com.
At the same time, developers are grappling with a steady erosionin tax credit prices. "Tax credit prices have gone down by 15% overthe last year or so," Bernard Carr, executive director with the NewYork State Association for Affordable Housing, tellsGlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
