The soaring cost of property insurance is profoundly impacting nonprofit housing developers, threatening the very existence of affordable housing solutions for the poorest Americans.
Frank Woodruff, executive director of the Community Opportunity Alliance, emphasized that rising insurance costs could threaten the development of affordable housing on a broader scale.
In coastal states, heightened risks from severe weather are exacerbating the problem, forcing nonprofits to confront an existential crisis as their operational costs skyrocket.
As insurance premiums rise, many nonprofit groups face battles that are fundamentally reshaping the landscape of affordable housing, making it increasingly difficult to serve low-income communities.
#affordable-housing #property-insurance #nonprofit-organizations #housing-market-crisis #economic-inequality
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