Preventing Evictions in Low-Income Housing During & After the COVID-19 Recession

Client

Citi Community Capital

Advisor

Carol O'Cleireacain

Semester

Spring 2021

Over the past four months, the Capstone team examined how Citi Community Capital (“Citi”), the largest financier of affordable housing in the United States today, can prevent eviction of tenants in Low-Income Housing Tax Credit (LIHTC)-funded housing who have been impacted by the COVID-19 pandemic and resulting economic crisis. In order to do so, the team conducted interviews with a sample of Citi’s partner LIHTC-funded developers, collected and analyzed data about tenants, and consulted key industry stakeholders and policy experts. This research process shaped the following conclusions:

  • Government assistance measures, including Economic Impact Payments, Unemployment Insurance benefits, and the federal eviction moratorium, have helped keep tenants in their homes.
  • A surprising proportion of developers were unable to provide basic key information about their tenants, significantly limiting abilities to draw conclusions and make recommendations about how to best support tenants.
  • Tenants rely heavily on guaranteed income and shifting money away from necessities in order to make rent payments.
  • Recommending or requiring developer programming can improve tenants’ quality of life and Citi’s industry reputation and CRA rating.

The final report provided case studies of developer involvement and specific recommendations for service provision in five key issue areas (rent and utility assistance, financial support services, job readiness, food and healthcare access, and digital inclusion), a set of recommendations to Citi regarding engagement with current and future LIHTC developer partners, considerations about the impact implementing these recommendations may have on Citi’s industry reputation, and resources for advocacy and coalition involvement.