By now, everyone knows that the housing crisis is a visible reality in the United States. And today, several misconceptions surround the act of affordable housing. One such myth is that a community with affordable housing might not be a good case for business. And in this article, experts share their views to prove this wrong.
Understanding the affordable housing projects
The new-age affordable housing helps to draw in a diverse, wide range of residents. It gets developed for a quality that exceeds or matches the market standard for housing. That is not all. The affordable housing projects are a boon to the neighborhood and local businesses and big companies, says Maxwell Drever.
The total affordable workforce housing real estate space –the builders, developers, property managers, architects, and those associated with finance and law- ends up benefiting from preserving and creating this great asset class. What is the reason for this? The affordable housing remained rented, and the majority of properties come with waiting lists. Additionally, the rents get paid reliably, mostly via the voucher system. And unlike the lavish properties where the occupancy rates change as the economy changes, the rentals for affordable workforce housing stay steady.
Maximizing the power of expenditure
The ones who stay in affordable housing can spend more on their healthcare needs and access healthy foods. Rent is a massive cost for the majority of people, and it isn’t very pleasant. Hence, when the low-to-middle-income families realize that they can cover the monthly rent, it enables them to spend on other basic needs. Also, the advantages are more when the affordable workforce housing spaces provide good residential services, helping the community with nutrition, financial and health decision-making. One can see this, as today, more restaurants, shops, and other healthcare facilities have come up in such areas.
According to Maxwell Drever, developing, sustaining, and preserving affordable workforce housing needs a team of property managers, construction tradespeople, security staff, leasing agents, and many others. Hence, it can generate several employment scopes. It is just the start. Local businesses also need to offer this workforce the required resources, from fuel to food, recreation to restaurants, and much more. The intelligent developers can make the most of such rises in commerce to develop opportunities to offer increased housing for the employees and draw in better business in the region. The key here is to create strong local relationships.
Maximized taxes and various other revenue for the local governments
According to the reports, developing about 100 affordable rental houses can lead to approximately 2.2 million in sales and other taxes. It also leads to extra-local government revenues from city fees and tolls. When you accrue such benefits to the local municipality, it is evident that the cities will assist and finance the increased affordable workforce housing.
Hence, the truth is that everyone in the equation of affordable housing can benefit from its development and preservation. It comprises searching for houses that one can pay for and the local businesses that cater to them. It also includes the development and investment teams that offer the housing, which helps to keep the community prosperous and vibrant.
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