Preservation Of Existing Housing Stock
Definition: The efforts to preserve and upgrade housing for low-income families. Such affordable rental housing could be lost due to increased rents; conversion to condominiums or commercial use; or deterioration to the extent that it needs to be demolished. Some communities preserve single-family or other for-sale homes because they are historically significant; ‘fit' with the surrounding community; or are affordable in an increasingly unaffordable market. Rental housing can create a stepping stone to homeownership and is a convenient housing option for many valued members of the community not ready or interested in purchasing.