The affordable workforce housing crisis impacts everyone’s life quality. In order to enhance the pace of developing more homes for low-cost housing, the federal and state governments should maximize on the financial assistance, offer local financial tools and extra initiatives to address workforce housing affordability, and maximize the supply of affordable housing explains Maxwell Drever. It’s time for the local governments to assume the role of stakeholders in addition to private players to resolve the housing crisis.
Involving the public in housing decision making
Maxwell Drever says that because the low-cost housing crisis impacts all, increasing awareness of the housing shortage is essential. It will urge people to participate in the initiatives associated with arriving at a solution. It is necessary to welcome public participation in local and state policy. Hence, the residents who live in any place can share their opinions concerning the decisions which impact their community. Also, widespread resident participation is crucial as it helps in making the process informative and transparent.
Welcome the players at a common plane
If you want to address the low-cost workforce housing crisis and arrive at a helpful solution, getting participation from interested stakeholders and parties is necessary. It comprises residents, developers, business owners, the financial community, and state and federal governments representatives. It will get them at one stage to talk about various concerns. When you discuss both significant and insignificant problems, you arrive at the best solution that benefits society and the community.
The cost solutions
Even though generous subsidies are accessible for the conventional low-earning families, the subsidies and the programs available for the low-cost workforce segment are significantly less. Hence, it is essential to get creative with the funds to expand the dollar to attain more from less. Usually, the various layers of investments and loans should form the funding core. Availing funds from the LIHTC (low-income housing tax credit) is an excellent place to start. The other funding avenues and supportive services can vary based on the project and the location.
If the private developers get involved, that might act as a game-changer. As they can use the money from tax credit and develop a building with the designs and the finishes that cater to the market standards. It makes the buildings appealing compared to those developed by the public authorities designed for practical purposes.
You have to include the community at large
Maxwell Drever says that there are times when the low-cost housing project. Ends up hitting a roadblock right at the beginning and execution. It could be because of several wrong notions and data concerning the project, which can start to make rounds. To put an end to the rumors, it is necessary to involve the community with the project from a very early stage. To remove the wrong concepts and the false narratives that usually accompany several projects. If you can convince people about the way the project can relate to them, it will enable you to win their confidence. It will help in the easy execution of the project.