Housing in the U.S. continues to become less affordable for a growing number of Americans. In 2016, nearly half of renters were considered cost-burdened, spending more than 30% of their income on rent. The country needs 4.6 million new apartments by 2030 across both market-rate and affordable properties to meet demand, Curbed reports.
The increased need for affordable housing development has led to both new financing products and new investors in the asset class, Capital One Senior Vice President Evan Williams said. Williams is based in Capital One’s New York office, where he focuses on affordable housing and the origination through Fannie Mae Delegated Underwriting and Servicing, Freddie Mac Targeted Affordable Housing and Federal Housing Authority loans nationally.
Momentum around affordable housing development and preservation continues to grow, fueled by the growing availability of financing products from Fannie Mae and Freddie Mac, Williams said. Consequently, investors who have traditionally worked with market-rate apartments have also brought their experience raising capital to the burgeoning market. Read more at: www.bisnow.com.