The concept of affordable housing is often misunderstood. As difficult as it is to define affordable housing, it is often difficult to understand what it is and why creating affordable housing is beneficial.
Two comprehensive papers from public interest and policy centers are attached.
The first is from from The Center for Housing Policy and is titled “Don’t Put it Here!” Does Affordable Housing Cause Nearby Property Values to Decline? This policy brief summarizes the conclusions of several reviews and critiques of the growing body of research on this topic. It also highlights some of the most recent work in this area carried out by researchers at the Furman Center of New York University and funded by the John D. and Catherine T. MacArthur Foundation.
The second is from Business and Professional People for the Public Interest and is titled Myths and Stereotypes about Affordable Housing. This policy issues brief presents Myths and Reality in a Q-and-A format including items such as:
MYTH: Affordable housing represents just another government welfare hand-out.
REALITY: Wealthy homeowners benefit the most from federal housing subsidies.They receive a federal income tax deduction for mortgage interest paid, which is the largest housing subsidy program in the U.S., and a similar deduction for property taxes paid. In 2003, these subsidies cost the federal government $87.8 billion, much of which went to the wealthiest 10% of U.S. taxpayers. Meanwhile, the federal government spent less than half as much ($41.5 billion) to preserve, maintain, and build affordable rental housing through the entirety of the Department of Housing and Urban Development (HUD) budget ($38 billion) and the low-income housing tax credit program ($3.5 billion).