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Comparing the Costs of New Construction and Acquisition-Rehab In Affordable Multifamily Rental Housing

This research working paper uses the lifecycle cost methodology to compare the total cost of developing and maintaining multifamily affordable rental housing over a 50-year period using either acquisition-rehab or new construction. Our analysis of a convenience sample of more than 200 properties found that, all else equal, new construction added approximately $40,000 to $71,000 (25 to 45 percent) per-unit to the lifecycle costs.

This paper is part of a suite of materials exploring lifecycle underwriting, including an online tool and two additional working papers.

For more information or to schedule an interview with the author, please contact Andrea Nesby, Marketing & Communications Manager, at (202) 466-2121, ext. 240, or

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