The chair of the Community Development Trust makes the case for the new potential of private sector investments in affordable housing.
"History and politics tell us that government subsidies alone will not solve the dearth of affordable housing. Private developers and private capital are needed," according to an op-ed written by Nicolas P. Restsinas.
Retsinas's argument assumes that "neighborhoods should be affordable for working families should cheer this arrangement" and "[the] need for affordable housing is clear." But in light of the stagnation on the part of the public sector in creating viable solutions for the challenge, Retsinas suggests another hero: the private sector.
Retsinas lists a few examples of the ways that the private sector is making positive impacts on the nation's affordable housing crisis, including loans and investments enabled by the Community Reinvestment Act, "mission" investing, funding for affordable housing projects from Real Estate Investment Trusts (REITs). Retsinas especially focuses on REITs as a "bridge to the capital desperately needed to house low-income Americans."
FULL STORY: Public-Private Alliance Can Solve Affordable Housing Crunch
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The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association