The United States is in an affordable housing crisis.
Last month, the National Low Income Housing Coalition (NLIHC) released a report that explores the ways America's federal housing production programs are serving the lowest income households and how those resources may be better aligned.
The report reveals that there are new entrants to the low income household sector such as retirees who don't have adequate retirement savings, households who lost their homes to foreclosure, college-educated young adults who cannot find professional level jobs in their field, and baby boomers who have been laid off from their jobs.
The poorest among us are suffering the most. The market is shifting away from home ownership towards renting. Out of 10 million rentals on the market in the U.S., only 3 million were considered affordable, resulting in a shortage of 7.1 million affordable rental units. With increased competition in the rental market, the number of units that are available and affordable to the lowest income households will only continue to decline. Federal spending on affordable housing programs will not be enough to solve the affordable housing problem. According to NLIHC, the solution is federal investment through programs such as the National Housing Land Trust, along with better and more strategic use of federal resources. Another important strategy is the increased engagement of private investor groups as partners with nonprofit housing corporations.
The Virginia Beach CDC and Second Act Communities SM* are dedicated to serving the critical housing needs of neighbors in our communities. Want to know more about how you can partner with us in this important work? Give us a call at 757-463-9516.
Thanks for all you do everyday, for so many!
*Southeastern Virginia Housing Corp. is now Second Act Communities, Inc. SECOND ACT COMMUNITIES SM is a service mark of Second Act Communities, Inc. and may not be used without permission. All rights reserved.