Community development agencies and housing authorities face increasing challenges to creating affordable homeownership opportunities. Rising land prices and construction costs, pressures to participate in smart growth strategies that discourage single-family development, and decreasing public subsidies are all hurdles in the path to affordable housing. Most authorities are also dealing with expiring Low Income Housing Tax Credits (LIHTC) and HUD mortgage buildings. Backed by studies that have shown cooperative housing performs better financially than rental housing and creates substantial social benefits, several local governments are recognizing cooperatives provide a better means than condos in meeting their community development goals.
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