Economic Benefits of Affordable Housing

Woda Management pic

Woda Management
Image: wodagroup.com

As part of The Woda Group, Woda Management oversees a portfolio of affordable housing properties. Woda Management currently oversees more than 200 properties in 12 states across the United States, and remains an acknowledged expert in the affordable housing industry.

While reason dictates that affordable housing benefits the residents of those communities themselves, there are also economic benefits that reach out into the community at large. These benefits begin with construction or redevelopment, which can create in excess of 120 jobs per 100 units. Furthermore, once occupation of the units begins, the everyday needs of the new residents help to support up to 30 jobs in local industries ranging from healthcare to retail.

Similarly, because affordable housing relieves the financial burden on the individuals and families who live there, local businesses continue to benefit from the resultant increase in disposable income. More spending occurs in industries such as clothing and grocery retail, though an increased capacity to save can also ultimately result in more major purchases made in the area.

Local supply businesses can also gain new business, not only during construction but also through the needs of ongoing maintenance. In addition, formerly unused land parcels increase in value and thus prompt higher property taxes paid to local government, while the property values of nearby homes undergo similar increases.