HUD
Portfolio evaluation
- Nationwide portfolio
- 1.3 million apartments designed for low-income Americans with replacement costs of more than $100 billion and an average property age of 50 years
No portfolio-wide capital needs analysis had been performed on the nation’s inventory of public housing for more than a decade. Undercapitalized for years, the portfolio has accumulated extensive deferred maintenance, chronic funding shortfalls, and physical decline. Congress directed HUD to perform a comprehensive assessment of the portfolio’s physical condition to get an accurate estimate of the total cost of addressing deferred maintenance and obsolescence. HUD called on the team of Abt Associates and On-Site Insight that had performed a similar assessment of HUD inventory in the mid-1980s. The study included a 20-year cost projection and covered a representative sample of 140 housing authorities and 550 properties in 37 states.