Housing GSO: HRA Greensboro Affordable Housing Plan

AFFORDABLE RENTAL HOMES

Similarly to many other cities throughout the country, Greensboro has an existing shortage of over 4,000 affordable rental homes for households earning $30,000 a year or less. When the need from individuals of certain incomes levels outnumber the number of units affordable at that income level, a housing gap exists. Greensboro’s lowest income renters face a challenge in finding affordable rental housing units as rents rise and existing affordable units are lost to obsolescence. This challenge is not unique to Greensboro, and is faced by many jurisdictions throughout the country, as well as other North Carolina cities such as Raleigh, Durham, and Charlotte. This gap will only grow more pronounced as rents continue to rise, depleting Greensboro’s stock of naturally affordable housing. Based on recent historic trends, Greensboro is annually losing about 800 units with rents affordable to those earning less than $30,000. While the city is also losing renters at this income level, units are depleting at a much faster pace than residents. Thus, if current trends continue, the city’s housing gap is projected to expand to a gap of 11,000 units by 2030. The City can help address this affordable housing shortage by supporting production of new affordable rental units and preserving existing units to meet the needs of Greensboro’s low-income renters. Cumulative Rental Housing Gap for Households Earning $30,000 and Below, Current and Projected

Need

Supply

2020

(4.1K)

-1.1K renters (-110 annually)

2030

(11.0K)

-8.0K units ( -800 annually )

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Source: ACS, PUMS 2010 and 2017 5 Year Estimates

HR&A Advisors, Inc.

Page 26