A New Way of Developing Affordable Housing Through Partnerships

Mar 27, 2024 9:00 AM ET

by Sibley Simon, President, New Way Homes

There are three separate housing crises in the US today. First, there is a massive supply shortage that has made housing unaffordable to people working in many cities. The major causes of this supply crisis include restrictive zoning that leaves most housing development near job centers illegal, soaring construction costs, and a backlog of under-development due to the 2008 financial crisis.

Second, our nation’s incomplete social safety net leaves many people unable to afford any safe housing even with a healthy overall market. And third, systemic discrimination created housing segregation, wealth gaps, and other effects that live on through systemic discrimination and a developed-world leading degree of class segregation.

Of course, these three crises affect and compound each other. Housing cost increases drive increases in construction labor, making development more expensive. Rent increases drive more people into poverty and homelessness. Rapid increases in rent increase economic displacement that disproportionately change neighborhoods of color.

There is no easy solution; in fact, some solutions to any one crisis can make the others worse. But now New Way Homes is helping to solve the affordable housing crisis through their new partnership model. Read about it in their full article here - https://greenmoney.com/new-way-of-developing-affordable-housing-through-partnerships-with-churches/