Redevelopment Agency Elimination Causes Gap in Funding

LOS ANGELES-“There is a maturing property crisis heading our way in California.” So said Kelly S. Boyer, director of the Los Angeles Multifamily Hub for the U.S. Department of Housing and Urban Development, at the recent 2012 Ballard Spahr—CSG Western Housing Conference here. There are more than 400 affordable housing projects in Southern California with mortgages that will mature before 2015, she explained. “Southern California has the largest HUD-financed maturing portfolio in the country.”

Leading professionals gathered at the event, titled: Best of the West in Affordable Housing: Succeeding in an Unstable Environment, to discuss how to succeed in the changing landscape of affordable housing in the west. The general theme at the event was the preservation of existing affordable housing throughout the West, but particularly in California, through refinancing, recapitalization and rehabilitation.