PRESERVING SENIOR AFFORDABLE HOUSING REPORT
Within the next 25 years, Utah could lose over 40% of its federally subsidized rental units for low-income seniors. More than 15% of the units could be lost by 2030. Without this vital source of low-income housing, more than three thousand senior households could experience housing instability and homelessness in the coming decades.
This report recommends several steps to eliminate these barriers and make senior housing preservation a statewide priority. These recommendations include:
1) Incorporate senior housing preservation, specifically a roadmap for expiring units, in moderate-income housing plans
2) Establish a dedicated source of funding for senior housing preservation
3) Adopt age-friendly zoning codes
4) Implement a one-year notification requirement for expiring subsidized units
The report begins by analyzing the risk of subsidized senior housing expiration in Utah. The first section details the characteristics of the state’s subsidized senior housing stock and outlines the hampering effect subsidy expiration will have on affordable senior housing production. This section also deals specifically with the threat the statewide affordable housing crisis poses to LIHTC-funded senior housing units. The second section discusses the outcome of subsidy expiration for low-income seniors who lose their subsidized housing due to market-rate conversion. The third section provides context to understand the nuances of the affordable senior housing crisis and the financial circumstances of low-income seniors that contribute to these nuances. The fourth section identifies barriers to senior housing preservation and offers policy recommendations to overcome these challenges. Read the full report
This report recommends several steps to eliminate these barriers and make senior housing preservation a statewide priority. These recommendations include:
1) Incorporate senior housing preservation, specifically a roadmap for expiring units, in moderate-income housing plans
2) Establish a dedicated source of funding for senior housing preservation
3) Adopt age-friendly zoning codes
4) Implement a one-year notification requirement for expiring subsidized units
The report begins by analyzing the risk of subsidized senior housing expiration in Utah. The first section details the characteristics of the state’s subsidized senior housing stock and outlines the hampering effect subsidy expiration will have on affordable senior housing production. This section also deals specifically with the threat the statewide affordable housing crisis poses to LIHTC-funded senior housing units. The second section discusses the outcome of subsidy expiration for low-income seniors who lose their subsidized housing due to market-rate conversion. The third section provides context to understand the nuances of the affordable senior housing crisis and the financial circumstances of low-income seniors that contribute to these nuances. The fourth section identifies barriers to senior housing preservation and offers policy recommendations to overcome these challenges. Read the full report
