Cash for Rent

In Albuquerque today, it costs about $275,000 to produce one Low Income Housing Tax Credit (LIHTC) apartment. That means $27,500,000 for 100 units in about 3-5 years from the time financing a project begins. But lets do some simple math.

For the same amount of money that it would take to build one LIHTC apartment, that money could help 2182 pay their rent for 3 years. This wouldn’t have to be the same 2182 people; households could cycle in and then out of the program. Yes, this solution wouldn’t create a building, but it also doesn’t come with maintenance costs. The cash payment for help with rent won’t help everyone, but it can help many, many people. And given that we spend millions every year building dozens of apartments with long waiting lists that doesn’t put a dent in the problem, it’s worth looking at different solutions. You can read more here.