Affordable Housing Gap Spells Opportunity

JUNE 2023

Institutional investors have grown more interested in US affordable housing - as have the government-sponsored finance agencies and state and local governments - as the undersupply in the county has grown.

"We are seeing this increasing conversation around affordable housing, maybe less of a stigma around affordable housing, because it just impacts so many people across all markets," says Angela Kelcher, the Dallas-based affordable housing group leader for JLL.

With a shortage of 7.3 million affordable housing units in the US, according to the non-profit National Low Income Housing Coalition, and only 100,000 or so new units built every year, "the math just doesn't work," says John Williams, chief investment officer of Avanath Capital Management, an affordable housing investment firm based in Irvine, California.

"It is still a business that basically has unlimited demand and limited supply. That is why people are finding it attractive: because of that and the stickiness of it," he says.

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