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.
PROJECT HIGHLIGHT:
Community Housing Network
REBUILDING LIVES
Community Housing Network’s (CHN) mission is to house individuals with mental illness who are capable of independent living.
The effort was part of a larger initiative to maximize opportunities for patients of the mental health system. In doing so, it has also presented a much less costly model by delivering supportive services to tenants. The organization has developed and now owns and manages more than 850 apartments scattered throughout the area. Community Housing Network is recognized nationally for their success in operating a compassionate business that transforms lives. Over the last few years, CHN’s mission has grown to include those with substance abuse issues and the chronically homeless.
For its part, The Housing Trust has worked to support Community Housing Network with its real estate projects. Previous loans from The Housing Trust enabled CHN to acquire and restructure projects that provided 72 units of such housing. Last year a loan of $250,000 was made for CHN to purchase land planned for the SouthPoint Place Apartments. Upon completion of SouthPoint, this 80 unit apartment development will provide supportive housing for individuals and families with disabilities and histories of homelessness
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