Long-Term Affordable Housing Strategies in Hot Housing Markets

W08-3: This paper inventories strategies for maintaining affordable housing toward perpetuity in hot markets in an increasing number of locales. Long-term affordable housing strategies answer the call to make affordable housing resources last longer as federal funding for affordable housing diminishes, rental affordability programs expire, and owners prematurely buy their way out of affordable mortgages. The need is especially acute in hot-market cities, like New York City, that have seen large development programs end without any adequate replacements. The strategies span rental and homeownership delivery mechanisms, subsidy and equity sharing, cooperatives and community governance, land regulation, extending existing termed programs, and amassing funds to sustain affordable housing, with a focus on producing long-term affordable units through inclusionary zoning. Interviews with national policymakers and experienced affordable and mixed-income housing developers bring new light to the success of these mechanisms…