What impact does assisted rental housing have on the nearby community? Not much, according to a new report issued to coincide with the annual Governor’s Conference on Housing.
The typical complaint from homeowners that rental assistance being instituted at nearby homes will cause their property values to plummet may be unfounded. A study funded by the Delaware State Housing and the Citi Foundation found that found that in most cases, property values in areas where rental assistance goes into place are already low or on the decline.
The report states, “Assisted rental housing has historically been disproportionately located in low-income neighborhoods, where the housing is relatively smaller, older, more depreciated- and hence, lower valued- than homes elsewhere in Delaware.” Homes near assisted rental properties are about 30% lower in price than homes that are further away, but those lower valued homes are also smaller, older and in poorer condition than homes that are not near rental assistance homes.
You can read the full report on the Delaware State Housing Authroity’s website.
The report coincides with the 2012 Goveror’s Conference on Housing. The crowd in attendance heard from state leaders including members of the state’s Congressional Delegation and Governor Markell. They also heard from keynote speaker HUD Secretary Shaun Donovan. You can watch an except of Markell and Donovan’s discussion below.