Access to Housing Key to Economic Stability

Several workforce development projects are being fueled by affordable housing initiatives to help struggling employees find economic stability

December 26, 2019 04:02 AM

What Happened?

Several workforce development projects are being fueled by affordable housing initiatives to help struggling employees find economic stability.

Denver

The Denver Office of Economic Development recently awarded $4.9 million in grants to 33 organizations in the region. The $4.9 million in funding was given to business, housing and neighborhood development projects that aim to build a stronger workforce in the Denver area that meets employer needs by providing professional and housing assistance for struggling communities.

The Denver Office of Economic Development’s grants were funded by several federal community development programs such as:

One of the grant recipients, Brothers Redevelopment, will use its $75,000 in funding to support its Colorado Housing Connects hotline which helps residents with:

Rental assistance
Eviction prevention
Home ownership tips

The hotline also connects elderly, disabled and low-income callers with counselors that offer financial advice and support for callers. The hotline already receives more than 1,000 calls per month and hopes to use the grant funding to expand its workforce and services outside of Denver in the six counties in the metro area, the Denver Post reported.

FHLBNY

The Federal Home Loan Bank of New York is also improving access to housing assistance by awarding $22.1 million in subsidies to fund 28 affordable housing projects in New Jersey, New York, Connecticut, Maryland, Ohio and Pennsylvania. The funding comes from the bank’s Affordable Housing Program and aims to spur the development of:

2,387 affordable housing units
More than 1,400 units for very low-income housing
More than 2,300 units of affordable rental housing
More than $540 million in community development projects

The Federal Home Loan Bank of New York sets aside 10 percent of its annual earnings to support neighborhood housing and economic development initiatives. The bank’s Affordable Housing Program offers member-lenders with direct subsidies which will go to income-qualified households through local nonprofits sponsorships. The Affordable Housing Program is run by the U.S. Department of Housing and Urban Development and administered through 12 Federal Home Loan Banks across the country. Since its creation in 1989, the program has awarded more than $5.1 billion in subsidies. The Federal Home Loan Bank of New York has allocated more than $450 million in grants to create or preserve nearly 60,000 affordable housing units.

Housing Fund

Housing Fund, a Nashville community development financial institution that provides housing assistance to underserved communities, recently received a $200,000 grant to help low- and middle-income artists buy, rehabilitate and construct affordable living and studio space. The money was awarded by the Kresge and Surdna Foundations and will fuel the Housing Fund’s Make A Mark Loan Program. The two national foundations awarded seven community lenders across the country with housing grants.

The Housing Fund’s Make A Mark Loan Program will provide financing specifically to artists and the creative community. The goal is to help the artistic community secure an affordable stake in the key neighborhoods.

The Housing Fund provides underserved markets with resources and creative leadership to help communities build and maintain affordable housing options. The Housing Fund has lent more than $67 million to struggling populations, resulting in the construction of 4,500 housing units and community development projects in Nashville and Davidson County.