The MacArthur Foundation recently announced it is injecting $32 million into the preservation and creation of affordable housing in the U.S. The organization is giving $9.5 million worth of grants, plus an additional $23 million in low-interest loans, to programs in 12 different states that approach the issue from various angles.
MacArthur President Jonathan Fanton, during a February 26 press conference, cited a number of alarming statistics regarding affordable housing: a net loss of 1 million affordable homes over the last ten years, an 80 percent decline in government subsidies, and a standing deficit of 12 million units. “For many years, the goal of home ownership has been emphasized in the U.S., and as a country we lost sight of the value of rental housing in a balanced national housing policy,” Fanton stated. “The end of the housing bubble and a wave of foreclosures have underscored the importance of affordable rental housing.”
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