The skyrocketing cost of property insurance is putting nonprofit groups and affordable housing development at risk, threatening access for the poorest Americans.
In places like Houston and Selma, rising property insurance rates have forced many nonprofits to sell off affordable housing units to market-rate landlords, increasing rent risks.
Frank Woodruff, executive director of the Community Opportunity Alliance, highlights the looming crisis where the high cost of insurance could decimate affordable housing development.
The pattern of increasing premiums driven by severe weather and construction costs is impacting the capability of nonprofits and developers committed to providing affordable housing.
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