HOPE Homes Build Communities
The benefits of affordable housing are many. Not only does affordable workforce housing change the lives of its residents, the benefits are passed along to the community in significant ways. It revitalizes distressed neighborhoods and promotes economic and social integration while building community.
Affordable workforce housing is developed by private developers, nonprofits or faith based organizations, using a combination of rental income, private funding and government subsidies.
The Ferry Crossing development in Old Saybrook illustrates that a partnership among local government, non-profit housing developers, community leaders and private financial institutions can create an attractive, affordable housing development that not only serves residents, but are an asset to the broader community.
The Broader Benefits of Affordable Housing
In addition to helping residents, today’s affordable housing benefits the wider community in significant ways. Typical benefits include:
- Providing housing for the local workforce, especially lower wage earners
- Revitalizing distressed areas
- Directing economic benefits to the local community, such as increased jobs and sales taxes
- Promoting economic and social integration while building community