IRVINE, Calif., Oct. 30, 2020 /PRNewswire/ — WNC Executive Vice President Michael Gaber, acting as a trustee of the National Association of Home Builders, met with Speaker of the U.S. House of Representatives Nancy Pelosi in a virtual event Thursday evening to discuss the immediate need for additional assistance for residents of low-income housing tax credit (LIHTC) properties as well as the property owners in light of the ongoing economic crisis wrought by the COVID-19 pandemic.
“During these challenging economic times, there is an urgent need for additional renters’ assistance for many residents of affordable housing – one of the most at-risk segments of our population,” said Gaber. “Of course, it is equally important to recognize the severe impact the ongoing pandemic is having on the owners of affordable LIHTC properties, which remain subject to foreclosure despite the economic challenges confronting this specialized segment of the rental housing industry during the ongoing pandemic.”
According to the National Council of State Housing Agencies, U.S. renters will owe up to $34 billion in past-due rent by January 2021.
Gaber added, “Even prior to the outbreak of COVID-19 pandemic, an appalling lack of affordable housing existed throughout the United States. It is now imperative that we work to protect both renters and property owners to hep survive these dire times by providing vital assistance to ensure we avoid a housing catastrophe.”
Founded more than 75 years ago, NAHB has more than 140,000 members nationwide. According to its website, NAHB strives to protect the American dream of housing opportunities for all, while working to achieve professional success for its members who build communities, create jobs and strengthen our economy.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in affordable housing and community development initiatives. The firm has acquired approximately $10.9 billion of assets totaling in excess of 1,450 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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