DC: IREM and CCIM Talk Federally Assisted Housing
The national orgs hit Capitol Hill last week to discuss commercial real estate concerns with legislators. IREM legislative spokesperson, National Association of Realtors' Megan Booth, tells us that many IREM and CCIM members own or manage Section 8 and elder-care housing; IREM members, in particular, manage 2.1 million units, where there's been a large decrease in funding. Underfunded contracts discourage owners from getting involved in such housing since they don't receive their subsidies on time, while other owners have been exiting. And developers are having difficulty getting financing for the sector, which will lead to a scarcity in product. According to IREM, there are only 30 units of housing available for every 100 needy families; for FY 2014, the Section 8 program has been underfunded by $1.5B. (Tell that to your kids when they try to complain about their allowance.)
