Affordable housing allows people to live close to job opportunities, schools, services and neighborhood amenities. By encouraging safe and affordable housing, Bloomington shows that it welcomes everyone, including those who will benefit most from affordable housing options.
Many people don't think about it, but affordable housing provides economic benefits to a community as well. Policies that encourage the creation and preservation of affordable housing benefit the local economy and contribute to the economic stability and prosperity of the community.
Benefits
- Job opportunities
Construction and rehabilitation of affordable housing units provide jobs for many people, including architects, contractors and people in the construction trade. Local businesses that provide building materials and supplies also benefit from affordable housing projects.
- Improved property usage and values
Affordable housing programs aim to provide housing opportunities and options throughout the city, not in isolated neighborhoods defined by income. Maintaining existing affordable housing options and creating affordable housing within new developments tends to increase property values and stability in the surrounding neighborhoods.
- Household and workforce stability
People who spend less on housing can afford to spend more on groceries, clothing, health care, and other necessities. They can save more for emergencies, major purchases like cars, and education. They are less likely to suffer the stress of being evicted from their homes because of problems paying the rent. Their households enjoy greater economic stability, and this often leads to greater job stability. Businesses benefit from a more dependable and stable work force with lower turnover and reduced costs from training new employees.
Challenges
- Tight housing market
The rental housing market has become very competitive, with more families and individuals competing for fewer and fewer vacant apartments. The tight market has also spurred investors to purchase naturally occurring affordable housing properties, remodel and re-lease them at a higher rent amount, which may displace the current residents. While investment in these units is encouraged, balancing investment in the property with limiting the displacement of the existing residents is key.
- Lack of land
Bloomington is fully developed, with little land remaining for new housing development. To meet future housing demand, Bloomington will need to maintain the quality of its older housing stock, seek out opportunities to create new housing that expands lifestyle choices, and ensure that people of all income levels have opportunities to live here.
