Maxwell Drever Shares the Probable Ways to Provide Low-Cost Workforce Housing
A considerable section of people in the United States doesn’t have a decent house to stay in. And the reason for this is a blend of factors. One of the main reasons for this is the increasing housing rents and costs. That aside, the sudden pandemic outbreak has affected the global economy, which took away jobs and made many people work on a compromised salary. That made it challenging for the workforce population to pay for their rent and get evicted. Hence, today, there is a need for affordable workforce housing units.
According to Maxwell Drever, non-profit organizations and government authorities should take charge of providing the best ways to deliver affordable housing for the workforce. Here are a few ways to provide affordable workforce housing for the workforce population.
- Develop low-cost housing trusts
The housing trust funds act as the steady, established, and public funding resources for the low-earning housing developments in both cities and states. Today, several states have city-level funds. However, they don’t have the laws that avert the local governments from setting them up. Hence, state money is the primary funding source in several of these due to reduced population or solid funds. And both bring down the demand for the extra local funding.
- Fund through the bond elections
During the midterm elections in 2018, most voters had mixed opinions about low-cost housing. However, the housing numbers evaluated on the ballots highlighted that the local leaders wish to look at the requirements developed by the housing crisis and want to resolve the problems. Several such measures got proposed via municipal bonds. Also, the local governments can suggest allocating funds for explicit projects or developments via the municipal bond elections, which provides the citizens the scope to deny or approve the expenditure plans at polls.
- Offer tax breaks and incentives
The state incentives, that are supplemental to the federal ones, sanction out credit to the developers for the rehabilitation, acquisition, or construction of the rental housing that gets targeted at the low-earning households. While the cities don’t have any direct control over the way the funds get allocated, the incentive programs urge the private developers to maximize the affordable housing supply. It can lead to economic developments in the urban centers.
- Relax the developing and the zoning rules
The zoning regulations and the “not-in-my-backyard” approach usually raise or block the expense to develop multifamily, low-cost housing. Such rules make it simpler for the low-earning housing developers to navigate the building process of the city and formulate cost-efficient dwellings. The objective here is to bring down red tape and the requirement for the low-cost housing builders to hire lawyers and spend time managing other properties.
Hence, according to Maxwell Drever, the low-cost housing developers have the option to pack an increased number of housing units than what could be allowed otherwise. That aside, you can also leverage from the cost-saving perks via the density bonus incentive. These are some of how authorities can work towards providing affordable workforce housing.
