Securing, financing, and constructing affordable housing has become a challenge in many communities across the United States, especially over the last few years. In low- and moderate-income (LMI) communities particularly, affordable housing is less available, forcing people to find alternate ways to house their families.
With homeownership becoming more and more out of reach and rent continuously increasing, organizations across the country are taking innovative approaches to create more affordable living situations for LMI Americans. Creating affordable housing is not an issue that can be solved overnight, but even small steps can lead to impactful outcomes. Some of these steps include diving deeper into private investments in affordable housing to learn more about where and for whom these investments are happening. Other steps include creating ways for LMI earners to secure the financing to purchase a home, and constructing affordable homes in LMI communities so that there are more units available for purchase or rent.
A complex issue requires many solutions
The solutions highlighted here are just three ways districts across the Federal Reserve System are addressing the lack of affordable housing in LMI communities. Although supply and financing appear to be consistent challenges across the nation, the lack of affordable housing is a complex issue with many layers. With more understanding comes more innovative solutions…and more entry points to homeownership for LMI individuals and families.