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The landscape of public and affordable housing organizations is evolving rapidly, shaped by technological advancements, societal shifts, and environmental concerns. While these changes bring about opportunities for progress, they also usher in a host of emerging risks that demand careful consideration and proactive mitigation.
Record management is crucial for the success and sustainability of public and affordable housing organizations. Properly managed records can enhance operational efficiency and play a pivotal role in mitigating risks and ensuring regulatory compliance.
In ensuring the safety and security of residents, a critical decision housing organizations face is whether to directly hire security personnel or opt for contracting with a third-party security service. Both options have advantages and drawbacks, but it's crucial to understand the insurance implications associated with each choice.
Ensuring fair and equal treatment of tenants is of utmost importance in the housing industry. Unfortunately, instances of tenant discrimination—whether intentional or unintentional—still occur, posing significant financial and reputational risks to housing organizations.
As the U.S. grapples with increasingly severe and unpredictable weather patterns, public and affordable housing organizations must be prepared for the challenges posed by extreme summer weather. From scorching heat waves to intense storms, organizations must take proactive measures to ensure the safety, comfort, and well-being of residents and employees.
In the realm of commercial insurance, certificates of insurance (COIs) play a crucial role in facilitating business transactions and safeguarding the interests of various stakeholders. These documents provide tangible proof of insurance coverage and valuable information about policy details, limits, and endorsements.
Despite an estimated shortage of 7.3 million rental homes affordable and available to extremely low-income families, public housing authorities (PHAs) nationwide have not received congressional funding to build new deeply affordable housing in their communities in decades. PHAs’ hands became even more tied after Congress passed the Faircloth Amendment, which capped PHA public housing stock at the number of public housing units they operated as of October 1, 1999 (known as their ‘Faircloth Authority’). This created a de facto ban on building new public housing.
As the need for commercial insurance grows, so do the opportunities for agencies searching for new clients. In a market as broad and fragmented as commercial insurance, it takes a specialized approach to build and maintain a successful book of business.
Active shooter and workplace violence incidents are a growing threat to businesses of all types, including public and affordable housing organizations.
While the terms ‘subsidized’ and ‘affordable’ often go hand in hand when most people think about the U.S. affordable housing stock, the reality is that only 25 percent of the country’s affordable rental units receive government subsidies.
The other 75 percent is known as naturally occurring affordable housing (NOAH)—rental properties that are affordable to low- and moderate-income families due to age, amenities, physical condition, or location in lower-cost markets.
But, despite their vast presence, these properties are at a high risk of disappearing due to redevelopment, disrepair, and economic instability. HAI Group spoke with Dr. Hilary Lopez, executive director of Reno Housing Authority in Nevada, and Dunni T. Cosey Gay, director of the Preservation Compact, a Chicago-area policy collaborative, to hear how their organizations have found success with preserving NOAH in their respective communities as a complement to subsidized housing.
