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Developers and preservation groups warn underwriting, insurance and interest rates threaten affordable housing finance
Summary
A nonprofit developer and preservation stakeholders told the committee that outdated underwriting assumptions, rising insurance costs and higher interest rates are creating gaps that threaten both new affordable housing production and existing properties.
Trell Anderson, executive director of Northwest Housing Alternatives, told the Senate Committee on Housing and Development on Jan. 27, 2025, that several financial barriers — including outdated underwriting standards, high insurance increases and increased lender liquidity requirements — are constraining affordable housing production and preservation.
"Using the 2%, 3% and 5% standard of 30 years ago undermines a property's finances from the day it is placed in…
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