Keeping existing rent-restricted housing affordable and wellmaintained over the long term is as important as building new affordable housing. The State’s Preservation efforts generally focus on periodically investing in the physical condition and financial sustainability of existing affordable projects as they age, in return for extending the rent restrictions attached to the property. Other related Preservation priorities include renewing federal rent assistance contracts attached to specific properties, and supporting the preservation of manufactured home communities as long-term affordable housing options.
While it’s easy to become focused on housing units and project finances, it is critical to keep the potential impact on residents at the center of Preservation efforts.
If a development is lost to market-rate or falls into disrepair, low-income residents may face a potential nightmare of losing stable housing they can afford.
Preservation prevents displacement, is generally cheaper than building new housing, and conforms to existing land-use patterns.
Acquiring and rehabilitating existing affordable housing is often complicated.
The Publicly Supported Housing Preservation ("PuSH") is a new policy with a clear regulatory framework.
LEARN MORE: Publicly Supported Preservation Process