Affordable Housing

Why affordable housing? In our nation, housing is both a human need and a market commodity. In that market reality, when a person’s earning ability falls short of what is needed to cover the cost of monthly rent or a mortgage and still pay bills and secure food and other necessities, the alternatives are either homelessness or some form of housing outside of the market.

Non-profit affordable housing exists to fill that considerable gap between income and rent levels for too many of our neighbors.  By providing viable options for the elderly, low-wage workers, disabled veterans, victims of domestic violence, displaced youth and others who can’t pay market rents and still afford other necessary expenses like food and health care, affordable housing provides stability and peace of mind. Some of these options are subsidized directly and others are structured to operate at below-market rent levels, depending on who is served and what they can afford because even in affordable housing, paying some amount of rent is a responsibility for residents.

Affordable housing is created through combining public and private resources and like any other form of housing development requires both debt and equity. Project sponsors guarantee affordability for decades beyond construction and their buildings are built to high environmental standards.  New affordable housing development is well designed and, in cases of historic preservation, each project retains an important part of community heritage.