Mortgage And Real Estate News

Sunday, June 2, 2013

State lacks affordable rental housing

Arizona’s poorest households face a serious shortage of affordable rental housing, with a study by the Arizona

Housing Alliance showing more than 200,000 residents are paying more than 78 percent of their income toward rent. Housing advocates recommend people pay no more than 30 percent of their income to put a roof over their heads.

During the housing crash, it was a bit easier for the state’s renters to find homes, since nearly 85 percent of all apartments were offering concessions.

The Arizona Housing Alliance recommends in its new 2013 report, “Home Matters,” that the state put more money into its housing trust fund, set up by the Legislature in 1988 to fund affordable housing mostly through the proceeds from unclaimed property. The report also recommends municipalities and state and local groups do more to create rental homes for low-income families.

Read more: State lacks affordable rental housing

Reuters: Business News

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