- Created: Monday, 18 June 2018 14:33
- Written by Laura Proescholdt
Despite Minnesota’s strong affordable housing industry, leaders throughout the sector agree that our current approach to development simply cannot keep pace with the demand for affordable units. Why? Market factors and changes at the federal level are growing financing gaps.
On June 14, more than 120 leaders from the affordable housing sector convened for MHP’s quarterly Investors Council breakfast to zero in on “Filling the Financing Gaps to Make Affordable Housing Pencil Out.” Dan Smith of U.S. Bank moderated a panel discussion by Mark Moorhouse of Dominium, Kayla Schuchman of CommonBond, and Paul Williams of Project for Pride in Living.
Photo: Kayla Schuchman (left) and Paul Williams (right)
Filling growing gaps
“By far, the biggest policy response to the affordable housing shortage is the tax credit program”, Smith explained. “As long as that remains to be true, what we need to build housing is more money. We’ve got good developers in Minnesota, and these projects simply don’t pencil like they used to.”