Rob Van Raaphorst
MBA Datanote Explores Gaps in Affordability of Multifamily Rental Housing
WASHINGTON, D.C. (February 19, 2015) — The Mortgage Bankers Association (MBA) today released a research datanote entitled “Mind the Gap: A High-level Review of
the Need for — and Supply of — Affordable Multifamily Housing.” The paper focuses on multifamily rental housing because of
the central role that sector plays in providing affordable housing.
“There is a significant gap between the need for and the supply of affordable housing in the United States,” according to
Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “The United States has a long history of housing
needs, and a long history of successful programs designed to address those needs. Even with these programs, however, millions
of American households face housing burdens because of low incomes, housing market mismatches and/or specialty housing needs
that are not naturally met by the housing markets.”
The paper explores a variety of different mismatches between incomes and housing costs. Most of these can be clustered into
three broad categories:
- The housing needs of low and very low income households, whose incomes are not enough to cover the costs of building and maintaining
safe and decent housing.
- The need for moderate income “workforce housing,” and the struggle to supply adequate affordable housing near job centers.
- The housing needs of special populations, whose particular housing requirements are not naturally met in full by the market.
These include seniors, veterans, disabled Americans, people living with AIDS, and others.
The paper also provides a high-level review of efforts to “close the gap” undertaken by multiple federal agencies and other
institutions to address and correct housing market mismatches. The Datanote can be downloaded in full here:
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mba.org.