Preservation in Mind

As more property owners seek to get rid of their federally assisted housing, advocates hope they’ll sell to someone interested in preserving affordability. U.S. Senator Charles Schumer (D-NY) filed a bill in June that gives owners relief from “exit taxes” if they sell to buyers committed to extending affordability for 30 years. If owners have to pay the taxes, they are more likely to make deals with for-profit developers who can afford a higher sale price. The Millennial Housing Commission identified exit tax relief as key to affordable housing preservation in its 2002 report. (www.nhtinc.org)