4 big wins that come with housing affordability

Affordability is Washington’s topic du jour, as both parties scramble to address it ahead of the midterms. For millions of Americans, however, affordability isn’t a slogan, it’s the difference between staying in communities they love or being forced to leave them. This is especially true for affordable housing.

The housing bill Congress passed — the 21st Century ROAD to Housing Act — is being hailed by both parties as a win. Although the bill contains meaningful measures — capping the number of homes investors can buy, allowing preapproved housing designs for faster approval, and enabling manufactured homes to be lighter and more affordable — it won’t make a big dent in housing and rental prices.

Housing that is affordable is within our reach, however. Many of the most effective solutions are in cities and counties, which control key decisions around zoning, permitting, redevelopment and building codes. If done right, there are four ways that affordable housing can be good for our communities and country.

First, on the economy, the rule of thumb on rents is that no more than 30 percent of gross monthly income should go towards housing costs. In many places, it is well above this. The more salary spent on housing, the fewer resources to spend on anything else. Unaffordable housing costs also undermine businesses’ ability to recruit and retain employees and remain productive, all of which negatively impacts economies. Free up those dollars and economies are better off.

One way is to rehabilitate downtowns. Vacant lots and abandoned housing stock can be retrofitted to meet housing needs. Oakland, Chicago, Indianapolis, Louisville and Charleston are working with little-used legal processes, land banks, and organizations like Habitat for Humanity to go from “vacant to vibrant.”

Investors are proving it can be done, partnering with local governments, like Charlotte and Mecklenburg County in North Carolina, to ensure affordable housing can be........

© The Hill