This is a question many people that live in a neighborhood where a proposed affordable housing project is about to be built have to be asking. Strange as it sounds, most of those projects actually increase surrounding property values according to an Urban Institute report.
Their research brief showed the construction of income-restricted affordable housing units was associated with rising prices for nearby homes. Who knew?
The 16-page brief, Assessing the Impact of Affordable Housing on Nearby Property Values in Alexandria, Virginia, shows these projects increased home prices within a sixteenth of a mile by .09 percent but largely market-rate developments were excluded from the analysis, home prices increased by an even higher .11 percent.
The brief goes on to explain how bordering neighborhoods are also impacted by new affordable housing projects.
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Gary Fleisher, The Modcoach
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