IRVINE, CA—Demand for affordable housing inmany US markets is growing exponentially because of populationgrowth and the economy to the point wheredevelopers can't keep up, MichaelGaber, EVP and COO of WNC, tellsGlobeSt.com. We spoke with Gaber after the firm's recent closing of the WNC Institutional Tax Credit Fund 39LP—a $125-million institutional low-income housingtax-credit fund that will acquire 25affordable-housing properties located throughoutthe country—about the affordable-housing crisis and what's beingdone about it.
GlobeSt.com: Why is there a lack of affordablehousing in many parts of the country?
Gaber: The simple truth is, if youlook at it not state-by-state, but county-by-county, demand isgrowing exponentially, and we're not keeping up with the demandbased on population growth and the economy. Peopleare looking at housing that's not adequate, safe or decent. Thatnumber continues to increase every year. We're falling behind andnot able to produce enough affordable housing to help those whoneed it.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
