Neighborhoods in the Middle: ULI Philadelphia Report Addresses Naturally Occurring Affordable Housing

For more than a decade, the City of Philadelphia has enjoyed an increasing population and a strong housing market. While an asset to the city’s economic health, this uptick puts pressure on affordable housing stock, encouraging property owners to increase rents or convert affordable units to market-rate units.

Naturally occurring affordable housing, or NOAH, is unsubsidized privately owned rental housing. With approximately 76,000 of these properties in Philadelphia, NOAH is most common in middle-market neighborhoods. Approximately 50% of the City’s NOAH properties are vulnerable due to poor condition, displacement risk or strong market value, and in need of intervention.