There are quite a few misconceptions about affordable housing. Most people agree a large section of the population finds it difficult to identify accommodation within their means that allows them to live with a sense of dignity says Maxwell Drever. However, many people also do not want affordable housing projects to come up in their communities, fearing that they will attract residents of a less desirable profile. They also fear constructing cheap buildings will drag down their community, and local businesses will suffer.
Affordable Housing Benefits Everyone
Contemporary affordable housing is generally of good quality, and often their build quality matches or even exceeds that of housing sold at market rates. With their ability to attract residents of a wide range of demographics, these projects come as a boon to the neighborhood and local businesses and larger companies looking to augment their workforce. As may be obvious, the creation of affordable housing projects directly benefits architects, builders and property developers, financiers, and lawyers, observes Maxwell Drever. The units tend to remain rented for a long time. Vacancies get filled quickly due to the long waiting list. The subsidy vouchers also ensure landlords get their rents on time.
More Spending Power with the Residents
Rent is typically one of the biggest expense items for most people, and especially people with low incomes find it worrisome to scrape up the amount on time every month. However, the low rents of affordable housing projects make it easier for them to afford the rent. Now, they have more money available to spend on other essentials. Since many affordable housing projects offer decent-quality services, the residents get better access to health, nutrition, and financial decision-making. With more money circulating in the local economy, the benefits of affordable housing become quickly apparent in the community. According to Maxwell Drever, shops, healthcare facilities, restaurants, and entertainment options increase significantly.
Boost in Jobs
It takes a lot of people engaged in diverse occupations to design, construct, maintain, and preserve housing. To build, operate, and maintain an affordable housing project. You need surveyors, architects, construction workers, leasing agents, property managers, security staff, and more. According to studies, a single housing project creates 161 local jobs in the first year alone. Additionally, the workforce depends on local businesses to provide everything. From food to fuel and everything in between, which encourages more local hiring. It leads to more demand for affordable housing, and the cycle goes on.
Increase in Revenue for Local Governments
According to studies, the building of 100 affordable rental units generates around $2.2 million in sales and taxes, city fees, tolls, and other local government levies says Maxwell Drever. It is extra income for the local municipality that can help fund more affordable housing projects. Once affordable housing projects have people living in them and raising families. It encourages city administrations to develop more such projects.
Affordable housing projects introduce many new or enhanced amenities that improve the residents’ quality of life. The crime rate dips, and the residents feel secure in their homes. Affordable housing benefits all stakeholders; the residents, the builders, local businesses, and the government.