Tag Archive for ‘multifamily’

New Study Highlights Benefits of the Affordable Housing Credit

A new study of California affordable housing developments provides important findings concerning the role and benefits of the Low-Income Housing Tax Credit (LIHTC). The affordable housing credit ensures a supply of equity financing for the development of needed rental housing. The report was prepared for the California Department of Housing and Community Development, the California Tax Credit Allocation Committee, the… Read More ›

Apartment Absorption Rates for the Second Quarter

Absorption rates for new rental and for-sale multifamily homes remained high during the second quarter of 2014, consistent with the ongoing expansion of the multifamily sector. According to NAHB analysis of data from the Census Bureau and Department of Housing and Urban Development Survey of Market Absorption of Apartments (SOMA), completions of privately financed, unsubsidized, unfurnished rental apartments in buildings… Read More ›

Multifamily Built for Rent Share Rises Again

The share of multifamily units built for rent rose again during the second quarter. This increasing market share for rental multifamily homes is holding typical new unit size below levels seen during the housing boom. However, as multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. According to second quarter 2014 data from… Read More ›

The Economic Impact of the Affordable Housing Credit

In addition to ensuring the supply of affordable rental housing, the Low-Income Housing Tax Credit (LIHTC) supports jobs and provides benefits to the economy. Using the NAHB economic impact model of home building, revised industry estimates reveal that the LIHTC program supports almost 96,000 jobs in a typical year. NAHB recently updated its economic impact model of home building, which indicate that… Read More ›

County Level Permit Activity

The Census Bureau recently released annual estimates of building permits issued at the county level. In 2013, 1,807 counties and county equivalents saw an increase in the number of single family permits issued over the prior year while 858 saw a decrease. County equivalents include the 64 parishes in Louisiana, 16 boroughs in Alaska, and 42 independent cities. The map… Read More ›

Apartment Absorption Rates at the Start of 2014

Absorption rates for new rental and for-sale multifamily homes were roughly unchanged at the start of 2014, which is consistent with ongoing strong demand for multifamily construction. According to NAHB analysis of data from the Census Bureau and Department of Housing and Urban Development Survey of Market Absorption of Apartments (SOMA), completions of privately financed, unsubsidized, unfurnished rental apartments in… Read More ›

Strong Growth in Multifamily Construction Spending

Total private residential construction spending increased to a seasonally adjusted annual rate of $378.5 billion according to the latest Census estimates. The current reading is a slight increase of 0.1% from the revised March estimate and 17.2% higher than one year ago. Single-family spending increased by 1.3% month-over-month while the home improvement category decreased by 2.2%. Multifamily spending posted another strong month-over-month increase of… Read More ›

Average New Multifamily Home Size at the Start of 2014

After rising during the boom years and falling during the Great Recession, the average size of newly built, multifamily units remains close to levels seen a decade ago. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily units is likely to rise. According to fourth quarter data from the Census Bureau and NAHB analysis, the… Read More ›

Jobs Created in the U.S. When a Home is Built

In an article published the first day of this month, NAHB released new estimates of the impact that building single-family and multifamily homes has on the U.S. economy. The new estimates show that building an average single-family home generates 2.97 jobs, measured in full-time equivalents (enough work to keep one worker employed for a year). A substantial share of this is… Read More ›