This week Rich and Steve were joined by Jessica Cigna from HousingWorks RI, a coalition of over 140 organizations that conduct research and data analysis on affordable housing as it relates to Rhode Island’s economy. Their research shows that improving rental and ownership opportunities in Rhode Island, especially for the state’s workforce, will help strengthen the state’s economy. HousingWorks RI has been tracking the development of long-term affordable housing in Rhode Island since voters first approved a $50 million housing bond in 2006, also known as the Building Homes Rhode Island program (BHRI). 1,300 affordable rental and ownership homes were developed with support from BHRI in 30 communities throughout the state. Despite this success, some communities still resist the development of affordable housing. Housingworks is trying to dispel the myths surrounding affordable housing so that communities see it as an asset and good for their local economies. An economic impact study of BHRI found that the $50 million housing bond supported over 6,100 jobs and generated close to $800 million in economic activity across the state. More recently, HousingWorks has started to look more closely at what the lack of affordable housing means for Rhode Island’s economy. Their analysis, published last month in the 2013 Housing Fact Book, shows that 90 % of cost burdened renter households in Rhode Island earn $38,200 or less annually. If these renter households were in housing that was affordable to them, close to $400 million of purchasing power could circulate into other parts of the Rhode Island economy. Listen to this week's podcast here: [audio src="http://realestateinsight.com/wp-content/uploads/2011/13/REI 11-24-13" format="mp3 ogg"] This week’s Real Estate Insight: Princeton researcher Douglas S. Massey published an extensive study this year of an affordable housing development known as Ethel Lawrence Homes in Mount Laurel, N.J, looking at the neighborhood effects of affordable housing including property values, crime and property taxes. Dispelling many of the myths around affordable housing and NIMBYism, the findings clearly showed that after a decade, the Ethel Lawrence Homes did not increase property taxes, decrease property values or increase crime rates in Mount Laurel or surrounding communities. The key is that the homes, like the affordable homes built in Rhode Island, were designed to fit with the architecture of Mount Laurel.Affordable Housing Helps Everyone
- By Michael McCann
- Posted
This week Rich and Steve were joined by Jessica Cigna from HousingWorks RI, a coalition of over 140 organizations that conduct research and data analysis on affordable housing as it relates to Rhode Island’s economy. Their research shows that improving rental and ownership opportunities in Rhode Island, especially for the state’s workforce, will help strengthen the state’s economy. HousingWorks RI has been tracking the development of long-term affordable housing in Rhode Island since voters first approved a $50 million housing bond in 2006, also known as the Building Homes Rhode Island program (BHRI). 1,300 affordable rental and ownership homes were developed with support from BHRI in 30 communities throughout the state. Despite this success, some communities still resist the development of affordable housing. Housingworks is trying to dispel the myths surrounding affordable housing so that communities see it as an asset and good for their local economies. An economic impact study of BHRI found that the $50 million housing bond supported over 6,100 jobs and generated close to $800 million in economic activity across the state. More recently, HousingWorks has started to look more closely at what the lack of affordable housing means for Rhode Island’s economy. Their analysis, published last month in the 2013 Housing Fact Book, shows that 90 % of cost burdened renter households in Rhode Island earn $38,200 or less annually. If these renter households were in housing that was affordable to them, close to $400 million of purchasing power could circulate into other parts of the Rhode Island economy. Listen to this week's podcast here: [audio src="http://realestateinsight.com/wp-content/uploads/2011/13/REI 11-24-13" format="mp3 ogg"] This week’s Real Estate Insight: Princeton researcher Douglas S. Massey published an extensive study this year of an affordable housing development known as Ethel Lawrence Homes in Mount Laurel, N.J, looking at the neighborhood effects of affordable housing including property values, crime and property taxes. Dispelling many of the myths around affordable housing and NIMBYism, the findings clearly showed that after a decade, the Ethel Lawrence Homes did not increase property taxes, decrease property values or increase crime rates in Mount Laurel or surrounding communities. The key is that the homes, like the affordable homes built in Rhode Island, were designed to fit with the architecture of Mount Laurel.
