Over the next five years, affordable housing development is poised to take off, thanks to essential support from the federal government. Jennifer Litwak, executive director at Housing on Merit, forecasts "rapid acceleration" of affordable housing development. Litwak is speaking on the topic at the GlobeSt.com Apartments conference October 26 and 27 on the Future Strategies for Affordable Housing panel.

"My three-to-five year forecast is that there will be a rapid acceleration of affordable housing development," Litwak tells GlobeSt.com. "Since Housing on Merit has seed funded the Housing Innovation Collaborative, a non-profit housing production-focused R+D platform showcasing and piloting new design, finance, & policy solutions to address the housing affordability crisis, we hope it's within the context of incorporating innovation in to affordable housing development."

Specifically, Litwak is excited about the recently passed legislation that will drive $322 billion in housing and community development resources, which passed The U.S. House of Representatives Financial Services Committee in mid-September. "The committee's budget amendment includes $80 billion to build, preserve or retrofit more than 3 million affordable housing units, with $37 billion for the National Housing Trust Fund, $35 billion for the HOME program and $10 billion for the Capital Magnet Fund," says Litwak.