City officials in Boise, Idaho, are considering a liquidation of properties the city owns and operates as affordable housing. The costs of keeping the housing available is becoming unaffordable for the city.
"It comes as a surprise to many that the city owns and operates 277 rental units spread across 19 properties, providing homes for some of the area's lowest-income residents. But as properties age, and the need for substantial capital investments looms, the city is examining its options."
"While the low rents help keep roofs over the heads of people who, on average, make less than 35 percent of the average median income, they also place severe restraints on what the city can do with the properties."
"The city is in the middle of an appraisal process to learn the market value of all 19 properties. From there, the City Council will have to decide whether to reinvest in the project, or find a way to support housing, while letting someone else take the helm."
Thanks to Jon Cecil