What is Affordable Housing?
According to the U.S. Department of Housing and Urban Development, housing is considered affordable when it costs no more than 30% of a household’s income. Families with low to moderate incomes who pay more have difficulty affording other necessities like food, clothing, utilities, transportation, medical services and childcare.
The Local Need
Across Nebraska, the cost of housing continues to rise and wages just aren’t keeping up. The 2012 Nebraska Housing Study shows that there is not enough suitable, affordable housing in the state. Much of the existing housing is old and needs to be repaired or replaced.
Who Needs Affordable Housing?
Entry level and moderate wage earners who serve the community need affordable housing: people like the waitress who serves you coffee, teachers at the local school, the clerk at the grocery store, the mechanic who fixes your car, the healthcare assistant at the hospital and the new law enforcement officer who helps keep your community safe. There is also not enough housing in many areas to meet the needs of people who are elderly, disabled, or homeless.
Who Benefits From Affordable Housing?
We all do. It’s been estimated that for every dollar spent on affordable housing development, $10 is returned to the community in economic and social benefits.
- New and existing businesses benefit from quality affordable housing. Without adequate housing to accommodate the anticipated labor pool, business will locate elsewhere.
- Affordable housing development generates jobs in construction and construction-related industries. These dollars are spent by workers and business owners on locally supplied goods and services.
- Affordable housing development increases the number of taxable assets in a community, broadening the tax base.
- The development of quality affordable housing stabilizes families, builds personal and community pride, and gives children a brighter future.
- Owning a home helps build assets. As equity grows, not only is the family’s social stability strengthened, but its economic future as well.
Be a Part of the Solution
Support affordable housing development in your local community.