The Acts team prides itself on making families our top priority and with that, ensuring that homeownership is not only possible but sustainable. Affordability is always the bottom line when families are securing a loan and purchasing their homes.
The Hill recently published an article titled, “Housing Affordability Hits Historic Low” which highlights not only decreasing affordability but also the increasing racial gap between White households (28% affordability) and Black households (9% affordability).
Housing Affordability* Across the 100 Biggest US Metro Areas
*A home is considered affordable if the monthly mortgage payment is no more than 30% of the county’s median income.
The article cites the new construction of affordable, entry-level homes as a solution to this issue. While we don’t deal in new construction at Acts, we’re thankful to have a strong Habitat for Humanity chapter in Milwaukee, as well as numerous initiatives addressing the new construction of entry-level homes led by the Community Development Alliance.
There’s a reason the term “housing crisis” is trending. There aren’t enough developers interested in building entry-level homes, and for those that are, resourcing can be challenging. We have yet to see a truly scalable model to increase production. Affordability has been declining for renters for years. How will our communities survive, and thrive, without stable, affordable housing for all residents?
These are the questions we ask at Acts. And the problems we work to solve. For 28 years, Acts has believed that people are strong and capable and that there are ways to support many, many more families in attaining affordable homeownership across our community.
What the article doesn’t consider is the possibility of systemic changes that create affordability:
- Alternative lending options for families with barriers to homeownership
- Designating existing affordable homeownership opportunities for owner-occupants, specifically those with low-to-moderate income, and helping them become mortgage-ready
- Incentivizing families who are willing to take on distressed housing stock and bring it back to liveable conditions.
These are the strategies that Acts is focused on. Interested in supporting this work for systemic change? Make a donation today.
