IN-PERSON London. Section A

Abstract

Globally, access to affordable housing has rapidly dwindled and the need was accelerated due to COVID 19. Additionally, interest rates have risen making financing unattainable for many. The knee jerk reaction for cities is to build more units, create density, and reduce size and quality of housing to meet demand. While this strategy may add numbers, it does little to address permanence, community fabric, and long-term resilience. As the Director of Urban Development, our department, within a medium sized city, has developed a program centered on improving existing housing through grants and zero percent loans. Yes, zero! This paper illustrates how our program leverages government funds to target a specific section of our city in need of quality affordable housing. With levels of support ranging from emergency repair, rental assistance, to long term home improvement, our interventions keep people in their homes and mitigate hazards such as lead, mold, and structural failure. Collateral benefits of focusing on existing housing stock with the most vulnerable population, are access to amenities, improved thermal envelope, reduction of heating and cooling costs, improved human comfort, reduction of stress related issues in youth due to inadequate housing and family security. Our targeted geographic area magnifies the parameters of grant funding and has a proven community benefit for both tenants and building owners alike. Ultimately, the city now benefits from over $20 million in secured value for reinvestment, reduction in crime, and increased tax base—all while not adding to urban sprawl or expansion of utilities.