{"id":12031,"date":"2017-05-22T10:25:14","date_gmt":"2017-05-22T14:25:14","guid":{"rendered":"http:\/\/www.lawleyinsurance.com\/?page_id=12031"},"modified":"2022-09-02T10:13:44","modified_gmt":"2022-09-02T14:13:44","slug":"affordable-housing-expertise","status":"publish","type":"page","link":"https:\/\/www.lawleyinsurance.com\/staging\/9446\/affordable-housing-expertise\/","title":{"rendered":"Housing Authorities Budget Dilemmas"},"content":{"rendered":"

Housing Authorities are facing budget dilemmas<\/h2>\n

As you know, Housing Authorities across the country are facing increased budget dilemmas. HUD budgets are being slashed and as such it is becoming harder and harder for Public Housing operators to maintain and upgrade their facilities. It\u2019s a troublesome situation yet there are few signs that the course will be changed anytime soon.<\/p>\n

Alternate Funding<\/h3>\n

Increasingly, though, Housing Authorities are seeking new ways to fund their operations. Many MHA\u2019s are now partnering with private developers to take advantage of Low Income Housing Tax Credits (LIHTC) to renovate existing or build new apartments. The result is more housing and new revenue streams.<\/p>\n

New Issues<\/h3>\n

It is a smart move that is resulting in improved housing for tenants, yet when an MHA enters the private world of Affordable Housing, new issues appear. Managing the expectations of private developers and lenders is more complicated. Additionally, many insurance programs developed specifically for Housing Authorities are not willing to insure properties funded by LIHTC. Many insurance carriers are also reluctant to insure apartments while they are under renovation.<\/p>\n

Value of Experience<\/h3>\n

This is where Lawley can provide great value. We have worked with many Housing Authorities and Developers to help them mange their costs while protecting their assets.
\nIf your organization is considering utilizing LIHTC to fund renovations or new developments, we would appreciate the opportunity to advise and assist.<\/p>\n

Some of the affordable housing insurance services we offer our clients include:<\/strong><\/p>\n