Did You Know?
Affordable housing facts you should know:
What do you mean by "affordable"?
- A home or apartment that is affordable to those families earning 80% of Area Median Income ($51,500/year for a family of four) or below.
- 50% of Area Median Income represents a family of four earning $32,188 a year.
Additionally:
- Affordable housing demand far outstrips supply.
- Even rental housing is unaffordable to many working households.
- Rental units much more likely to experience deterioration.
- 25,000 lowest income renters pay over half of their income for housing.
- 11,000 low income homeowners pay over half of their income for housing.
- Home foreclosures have tripled in Columbus and Franklin County over the past seven years.
Builders, Developers, Rehabbers
Builders,Developers and Rehabbers, YOU are our most important partners
The Housing Trust encourages builders and developers to produce affordable, workforce housing by reducing perceived capital risks. Housing producers often assign a higher risk premium to projects serving moderate and low-income families and seniors. Through creative lending, the Housing Trust demonstrates that affordable housing can be an attractive opportunity for both private developers and not-for-profit organizations.
Some of the ways in which we can help a builder, developer or rehabber, are to offer very competitive loan rates for acquisition, construction, bridge or gap financing, along with technical assistance when requested. The Trust can put you in touch with organizations with pre-qualified buyers, down payment assistance and other partner financial institutions.
In addition to lending funds for affordable rental and homeownership projects, the Housing Trust works to foster collaboration. We continually look for ways that cooperation can harness others experience to bring innovative approaches to housing development. Increased cooperation and efficiency among many organizations is a big part of the affordability answer.
For more information about how you can get involved, please call or email. You can also download the PROJECT Proposal and Loan Application forms:
The Affordable Housing Trust
185 S. Fifth Street
Columbus, Ohio 43215
(614) 228-6488
info@thehousingtrust.org
