Connecticut residents are constantly complaining about the state of affordable housing in their area. With growing families and inadequate incomes, the residential housing sector is lagging in numerous ways. At the same time, regional housing plans for urban centers and wealthy communities are bound to enhance segregation within the state. It is a growing cause for concern as the demand for affordable housing is constantly on the rise. According to Connecticut’s National Low Income Housing Coalition, a significant percentage of the state’s renters are under severe burden. With minimum wages being $624 a month against $1,152 fair market rent for a single bedroom apartment, almost half the income goes towards rent leaving little for other expenses like healthcare, education and various basic necessities. Minimum wage workers need to devote at least 74 hours a week to their job in order to afford a modest 1-room rental in the state. These statistics depict just a tip of the iceberg. Here are some other problems that are plaguing the state’s affordable housing industry at present. The Housing Crisis Is Not a New Problem The Connecticut affordable housing crisis has been building for… Read More »Segregation and Pricing Challenges Affecting Connecticut’s Affordable Housing Projects
Affordable Workforce Housing
The construction of affordable housing is riddled with difficulties. Let’s mention the most obvious one: financial limitations. Communities are also concerned that these often-ugly structures may depreciate the value of nearby properties. Unfortunately, they are right most of the time! However, some solutions can be implemented to help more people live in affordable, safe housing, promoting a productive lifestyle in the process. So, on that note, a few strategies to keep affordable housing great to live in are listed below. Using Pre-Fabrications And Off-Site Construction Architects have long campaigned for modular construction for various reasons, including cost savings, improved quality control, and the ability to move in fast. This method has been employed successfully in inexpensive housing complexes such as New York City’s Carmel Place. Furthermore, Brooks + Scarpa teamed up with Plant Prefab in Los Angeles to develop the Nest LivingHomes toolkit. It’s a collection of scalable modules that can be assembled into varying combinations to meet the needs and conditions of particular locations. Therefore, Maxwell Drever of drever capital management suggests taking a page out of these companies’ books and incorporating the same approach to keep affordable housing great to live in. Maintaining… Read More »How To Keep Affordable Housing Livable
There’s no denying that Los Angeles is one of America’s best cities to live in. Moreover, it is the most populated city in California, with a population of nearly 3.9 million. With more and more people moving to the City of Angels, finding affordable housing is becoming difficult. However, this isn’t entirely impossible. You can find a pocket-friendly housing unit in Los Angeles by following a few tips. In this article, Maxwell Drever of drever capital management will discuss four tips for finding affordable housing in Los Angeles. 4 Tips for Finding Affordable Housing in Los Angeles The following are the four best ways to find affordable housing in LA: 1. Determine Your Budget Before beginning your hunt for the house, it’s advisable to determine the amount you want to spend on housing. This can be handy because it will help you decide what you can do to reduce the rental costs without compromising your quality of life. This all depends on how much you wish to spend on housing. However, it’s always wise to avoid selecting housing options that require excessive spending while providing only a few better features… Read More »How to Find Affordable Housing in Los Angeles
Over the past decade or so, the concept of workforce housing (also known as public housing and social housing) has gained a lot of attention. This is due to the lower rates of rent that these housing units have as compared to similar properties on market rates. However, there is a catch: not everyone can rent these houses. In order to qualify for affordable workforce housing, the income of a household should be in the median range of the area’s income. According to Maxwell Drever, it is important to educate yourself about the concept of workforce housing. Even if you aren’t planning on renting a home, being aware can help you make investment decisions. Workforce housing has a lot of potential in the near future. And irrespective of which side of the fence you are on, you should know about the following pros and cons of workforce housing. Pros of Workforce Housing Maxwell Drever explains that affordable workforce housing can lead to social as well as economic benefits. Following are some reasons why it is beneficial in the short and long run. For the average middle-class citizen, the rent of… Read More »Maxwell Drever : Pros and Cons of Affordable Workforce Housing
Across the United States, life for a middle-income earner is becoming more and more complex due to the unavailability of adequate and affordable housing options within the vicinity of their workplaces. The two factors that play into this are inflation since salaries are not increasing in proportion to daily expenses, and the lack of affordable housing options available as a whole. This forces workers to buy or rent properties on the outskirts of the city where they dwell and therefore contributes significantly to increased traffic and longer commute times. Let us explore why affordable workforce housing is so important. Why Workforce Housing Matters In accordance to Maxwell Drever, Workforce housing is suitable for households with more than 60% of area median income (AMI) and even higher (up to 150%) in major metropolitan cities like Chicago and Los Angeles. Despite the availability of subsidies for households that earn less than 60% of AMI, the demand still outweighs the availability by a substantial margin. Such subsidies are not available for those who earn above the minimum limit. Wages have remained still for the past 20 years, which, combined with increasing rent prices,… Read More »Maxwell Drever: Why is Affordable Workforce Housing Important?
As far back as he can remember, Maxwell Drever has been passionate about business. He grew up in a family where his father instilled in him the importance of financial discipline and regularly reminded him that opportunities are always there for those who worked hard and work smart. What is Affordable Workforce Housing? Affordable workforce housing is the key to improving the lives of millions of individuals and families currently living in metropolitan areas across the United States. In particular, lower-income families benefit, most specifically because it provides the worker with nearby access to the place where he or she is employed. The term “workforce” defines residents of a given area whose jobs are within that specific area. Examples of jobs in this category include retail sales clerks, kitchen staff workers, maintenance staff employees, and many low-paid jobs in restaurants and hotels. Affordable workforce housing is key to making these types of employment efficient and critical to the American economy. Two reasons this is so. 1) they improve the general population’s access to employment opportunities, and 2) decrease congestion on the roads as commuters are no longer traveling so far… Read More »All about Affordable Workforce Housing