Growing communities, lowering unemployment. The benefits of affordable housing in New Jersey stretch far beyond the surface.
If you are a municipality or land developer needing a spark in 2018, affordable housing can be the catalyst. The nation is struggling. A property renter earning a minimum wage of $7.25/hour would need to work 94.5 hours a week to afford a one-bedroom apartment at the Fair Market Rent. The demand matches the opportunity to revitalize any community.
Here is why your city or property should consider affordable housing:
One trip through your nearest metropolitan area is all it takes. No one likes seeing others struggling to survive. Simply put, there are not enough affordable housing options available. Every family deserves a place to call home that is safe and free from harmful weather.
Many people would quickly think that these housing options would be taking away from space that could be used for greater purpose, which is simply not the case. Local governments are benefitting from not only the jobs needed to complete these projects, but where they are built. Most often affordable housing options are constructed in vacant and underutilized land plots, supplying the best return on investment. The increased value of the properties means more money flowing to local and state government in the form of property taxes, and more people in homes.
While social benefits are good, the real impact of affordable housing lies in its economic effects. The construction of these buildings creates an opportunity for a multitude of jobs, from contractors, to architects, and many more. Hundreds of skilled trade workers will have the opportunity to thrive while providing housing to those who need it.
With the current unemployment problem in the United States, creating large-scale job opportunities can aid local workforces as well as draw national attention. Giving people the opportunity to work for the new living situation they are gaining can pay massive dividends.
You know what an increase in workforce and residents means? More local businesses thriving. Suddenly, the area hanging onto its last corner drug store for dear life has been pumped with life. The local construction material store is now having a hard time meeting the increased demand. Chain restaurants want to occupy the newly fruitful land. More business translates to even more new jobs.
Like a domino effect, supplying more working class people with a place to live revives communities. Piece by piece we can create a better tomorrow.
Triad is much more than grant writing in New Jersey. Triad Associates has assisted in the development of over 1,000 units of affordable housing in New Jersey and Pennsylvania. With an ever-growing list of strategies, we care about people and communities. We would love to help yours.