As an immediate outcome of the housing crisis, very few people were purchasing homes. Also, the percentage of renters has gone up, more so amongst the young people who require affordable houses says Maxwell Drever.
The new construction gets concentrated on the purchasers in the costly markets. And the amount of “starter houses” and the purchasers searching for them is declining. The “ownership-to-rental” equilibrium is moving back to the logical percentages to the earlier days of the housing bubble. Additionally, the requirement for low-cost workforce housing is maximizing as the cultural patterns and the demographics shift.
Maxwell Drever says that the affordable workforce housing comprises low-cost, practical houses that enable people working in the neighborhood to stay close by, even if it seems to be priced out. Even though reduced earning, subsidized housing usually gets teamed together with workforce housing units, there are different amounts of subsidies in the workforce housing segment.
One of the essential things include community buy-in
Since there are problems with site design and planning, there is a need to correct know-how and creativity. Usually, a section of grant funding structure and tax credit needs a buy-in from the community. The ideal way to attain this is to put the groundwork for receptivity. It’s also essential to move ahead of rumors and educate people about the projects to avoid falling for any misconceptions.
The initial step is to do away with any expectations from the conventional, low-income housing that the opponents might find in their neighborhoods. Highlighting them with the current projects, either via visits and images, is an intelligent way to showcase the diversity of the project in that sector.
The other way to make people open-minded is to make the concept of affordable workforce housing easy and relatable for them. You need to let them know that they might know of someone in their family or friend cycle. Who belongs to the workforce population. When people pause to see the shortage of workforce housing as a factor that affects others like them. They start to become receptive to the concept.
The cost solutions
One needs creativity to generate more from less. And with lesser subsidies and programs accessible for the workforce housing compared to conventional low-income housing. It’s essential that the funds should come from other places, usually from the loans and multiple investment channels. One of the standard sources of funds is the LIHTC. Any other funding tools and sources can differ based on location and project. And when the private developers start working with the tax credit dollars. They inevitably add in market-level finishes and designs that make the buildings. More attractive than those with basic structures that most public housing authorities have to offer.
Maxwell Drever says that all things boil down to cost for most designers, developers, and architects. The early focus at the time of the site-selection stage can help to save money. The expenses associated with the site problems can also add up fast. Also, a flat site with zero retention is less costly to develop. Than one that’s remote from the sewer, water, and electrical systems. These are some of the essential insights that one needs to count on while delivering affordable workforce housing.