A recent study from the Joint Center for Housing Studies of Harvard University revealed that homeownership rates among blacks is not rebounding at the same levels of other races in the United States.
Freddie Mac tracks multifamily rental affordability at the unit level by comparing area median income (AMI) data from the Federal Housing Finance Agency (FHFA) with rent data from the American Community Survey (ACS)i. The basic finding is that population growth is negatively correlated with an area’s ability to preserve affordable housing.
Incomes are not keeping pace with housing prices and it’s starting to show in the sales numbers in North Texas. The Dallas Morning News is reporting that Q1 housing starts in the region are down 11 percent from a year ago with overall home sales down 5 percent over the same time period. The cause? Experts say housing prices are just too high and household incomes are just not rising fast enough to keep up.
TAAHP member CommunityBank of Texas partnered with Bethlehem Baptist Church in Mansfield, Texas to build a 135-unit affordable housing apartment complex for seniors.
It comes as no surprise to affordable housing providers that even one of the most “affordable” communities in Texas is relatively unaffordable for the residents living there.
U.S. Senator Introduces Yes In My Backyard Act to Encourage Communities to Cut Regulations and Increase Housing Supply
On June 20, 2019 U.S. Senator Todd Young (R-Ind.) introduced the Yes In My Backyard (YIMBY) Act to shed light on discriminatory land use policies, encourage localities cut burdensome regulations, and bring a new level of transparency to the community development process. Instead of adopting inclusive land use policies that allow citizens of all income levels, backgrounds, and identities to live, work, and flourish in their city or town, some communities are building paper walls of regulations around themselves that negatively affect and sometimes discriminate against low- and middle-income Americans.