Housing GSO: HRA Greensboro Affordable Housing Plan

MARKET CONTEXT

HOUSING NEED | Key Takeaways

The City’s affordability challenges are concentrated among renters earning under $30K, with those earning under $20K facing the most extreme need.

+104% Cost-burdened renters since 2010 earning $35-$50K 13.7K Current gap in units affordable below $20K -25% Cost burdened homeowners since 2010

There is a large housing gap in rental units affordable to Greensboro’s lowest - income earners, and this housing gap is projected to expand.

Middle-income renters are also increasingly cost-burdened and facing affordability challenges.

Owner cost burden is declining as Greensboro loses homeowners earning below $100K.

While income required to afford the median home value has remained fairly steady, falling rates of homeownership imply other barriers for residents.

-1.8K Overall homeowners since 2010

-$1.79 Decrease in federal funds per capita for housing programs , 2010-2017

Declining federal funds and the North Carolina Qualified Allocation Plan limit the City’s ability to produce units through standard funding sources.

Source: 2010, 2017 ACS Estimates, HUD

HR&A Advisors, Inc.

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