In California, there are approximately 149,000 units of privately-owned, federally-assisted multifamily rental housing plus additional tax credit and mortgage revenue bond properties, many with project-based rental assistance. These at-risk units are occupied by elderly persons and families with lower-incomes who cannot afford to pay market rate rents and who could be displaced if the projects convert. A large percentage of these units may convert to market rate as subsidy contracts or regulatory agreements expire. Potential conversion of affordable units to market rate units is an ongoing and critical statewide problem.
What is the preservation solution?