affordable housing Archives

March 22, 2024April 25, 2024

It’s Election Year. How Will This Affect Sellers and Buyers?

As we enter an election year the current administration points to how strong the economy is. But there’s a disconnect between these regular public assurances and people’s life experiences. So many are either locked into their current mortgages or just completely sidelined from the market.

This is no joke: High mortgage rates. Wages lagging while housing prices soar. The whole environment where homeownership is treated as a privilege rather than a norm. Recently, Fortune highlighted a daunting challenge for prospective U.S. real estate buyers: to afford a home in today’s market, they need an annual income increase of almost $50,000 compared to their pre-pandemic earnings.

So, will the runup to the election bring any opportunities to current owners and hopeful buyers?

March 15, 2024April 25, 2024

State of the Home Buyer: White House Promotes New Set of Tax Credits

Housing affordability remains out of reach for many in the U.S. population today. What’s the matter?

Mortgage interest rates haven’t eased in any kind of significant way so far this year. Maybe in June…

More than half of U.S. renters report struggling to pay for housing every month.

Some would like to buy their own homes, but at this point call that a dream.

Joe Biden’s March 2024 State of the Union address laid out the latest plan to help. Here’s an update on the issue, and how the administration intends to deal with it.

January 26, 2024April 25, 2024

Affordability Update: Costa Mesa’s Epic Struggle

The commissioners of Costa Mesa, California have agreed to a new affordable housing law.

The city of Irvine, also in Orange County, passed one more than two decades ago. And nearby Santa Ana is a serious supporter of affordability.

Now, Costa Mesa is trying to follow suit. Friction is inevitable. Regulating for affordability means pitting fair housing advocates against developers who aren’t fans of local rules and restrictions.

Who will win out?

December 25, 2023April 25, 2024

Affordability Rx: U.S. Government Is Now Funding Office-to-Home Conversions

As our readers know, the pandemic changed the way we work and live. Remote and hybrid working are now common ways of earning a living.

We’ve also noted how repurposing empty offices could ease the housing crisis. Commercial areas contain more and more vacant space, more of the time. This fact holds true across the entire country.

So, we’re gratified to see the White House now guiding and funding conversions of business properties into homes. The idea is to increase the supply, and help out ordinary people. After all, most new home creation tends to target high-income buyers. But with the appropriate government support, some of the country’s new housing can be accessible to the people who need it most.

December 6, 2023April 25, 2024

KeyBank Talks Fair Housing—Putting Its Money Where Its Mouth Is

KeyBank® is putting $400,000 into NeighborWorks Western Pennsylvania. Why? To make housing accessible to Black communities — as they have been disproportionately left out of homeownership.

Sure, $400,000 is a modest sum these days. But it’s part of a bigger picture.

In recent years, KeyBank has contributed close to half a billion dollars to Greater Pittsburgh and Western Pennsylvania to bolster housing affordability and strengthen communities. And in total, KeyBank is investing $40 billion in communities where fair access to Pennsylvania homes is most critically needed.

“This grant is part of KeyBank’s commitment to invest $40 billion in the communities it serves.”
—KeyBank

So this grant is only part of KeyBank’s commitment to equitable access to homeownership for Pennsylvanians.

November 6, 2023April 25, 2024

Who’s Buying Into Rural Boom Towns—And What the Locals Think

There’s a new dynamic in real estate. Companies and people are moving to Indiana, Nevada, Nebraska, Georgia, and Tennessee. Change is happening in rural areas, as so many people have left the cities to live and work in the outskirts.

Counties in Florida and Idaho are dealing with similar growing pains. People have flocked to both states since the pandemic economy unfolded. Many of their counties’ home prices are rising. So are the property taxes.

Now, add in the major U.S. carmakers’ southern expansion to build electric cars and battery factories. It’s all new to some small towns.

November 1, 2023April 25, 2024

Zoning It Up: “Downtowns Have to Evolve”

Since the pandemic unfolded, one of the most-used keywords for the way we live is flexibility.

Now, towns across the United States are asking if the old, rigid approach to zoning meets our evolving needs.

Take Seattle. There, the City Council has just decided to let condo and rental towers replace a string of struggling retail buildings along Third Avenue. The goal? Residential high-rises over storefronts. Taller towers (up to 440 feet — more than double Seattle’s prior height limit) will soon be allowed, as part of a downtown revitalization effort.

Councilmember Andrew Lewis summed things up: “Downtowns have to evolve.” The entire council agreed — though some still opposed this particular change, believing that it doesn’t go far enough in creating affordable units for the city’s downtown core.

That said, Seattle’s point is made. Struggling commercial downtowns are fair game to convert — at least partially — into residential zoning.