Fairstead Announces $20 Million Renovation of 710 Affordable Homes in Existing Bronx Portfolio, To Include New Suite of Resident Services to Support Community Well-Being
It’s not enough to build new affordable housing. To meet the nation’s growing needs, the existing affordable housing stock needs to be protected.
Without preservation, the nation is at risk of falling further and further behind in having homes affordable to seniors, working families, people with disabilities, veterans, and others.
The numbers tell the story: 104,088 federally assisted homes were added to the federally assisted rental stock in recent years, but 71,096 homes were lost, leaving a net gain of just 32,992 new affordable homes in this period, according to a 2024 report from the Public and Affordable Housing Research Corp. and the National Low Income Housing Coalition.
The loss of affordable housing can happen in different ways—affordability restrictions expiring at developments, properties converting to market-rate, and physical or financial decline of the housing. Another risk is inadequate government support to preserve the federally assisted housing stock.
To better understand the challenges and trends around preservation, six developers working in preservation share their insights:
Jason Bordainick, managing partner and co-founder of Hudson Valley Property Group (HVPG);
Alice Carr, CEO of April Housing;
Jeffrey Goldberg, CEO of Fairstead;
Aaron Gornstein, president and CEO of Preservation of Affordable Housing (POAH);
Priya Jayachandran, CEO of the National Housing Trust (NHT); and
Eric Price, president and CEO of The NHP Foundation (NHPF).
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