Positive Community Impact through Affordable Housing
Affordable housing plays a substantial and reinforcing role in local economic development. This includes positions within construction, architecture, engineering, as well as local businesses like restaurants and retail. However, the economic benefits do go beyond the scope of housing, particularly in terms of improving one’s quality of life.
Construction of new affordable housing as well as programs that rehabilitate existing housing stock to make it affordable create a host of jobs, from architects to contractors to others employed in the construction trade. Local businesses that supply building materials and other supplies benefit from the sale of such products or services to the building contractors. The connection is straightforward—a construction site creates new jobs.
Affordable housing provides economic benefits to those who live in it, too. Households that pay less from their paychecks for housing costs can afford to spend more on other items, including groceries, clothing and health care. They can also afford to save more for emergencies or for major purchases such as a car or education. This provides these households with greater economic stability because it is easier to avoid living from paycheck to paycheck. Homeowners are less likely to face eviction or the stress of moving from place to place because they fall short of rental or housing payments.
People who live in affordable housing also tend to be more stable, long-term employees because they do not need to move so often and face difficulties coming to work regularly. Businesses benefit by having a stable employee population because it reduces employee turnover and related costs in training new employees.
Affordable housing truly can improve an individual’s or family’s circumstances and empower them with the tools they need to help themselves, succeed in their endeavors and become productive members of society all while revitalizing their community.
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