An Overview on Affordable Homes in Philadelphia

There is no place like home. The sentiment of being at home can’t be bought when we talk about the intimate connection between us and the people living in it, and it is also our most private place. We lavish not only our resources but also our time and creativeness on our home environment because we know that in return, it will give us joy, comfort, pleasure and refuge. We sometimes worry about what and how our homes are set-up; however, all of these can’t be put into reality for a person with low income for we know that having your own house is too expensive.

There are lots of people today don’t actually live in their own home because the reality is that a regular employee is usually just compensated with a minimal salary that can’t afford to buy a house. Considering the prices of housing today, it’s too expensive for a regular individual. That’s why many organizations and institutions, particularly in Philadelphia, have decided to build housing units that are affordable to their citizens who needs them. This program and plan to construct and rehabilitate 1,500 new housing units will be beneficial to people and residence of Philadelphia to preserve housing availability of mixed incomes in areas where the value of property is rising.

Almost all cities all over the world have problems in housing. Philadelphia is one of these cities; however, the program will reverse those negative trends and will have the opportunity to become a model of how to deploy public resources and assets in order to encourage and promote improved and more productive communities. The provision of inexpensive housing depends on government support for there is no reduction nationally, because the private market can’t produce those units without the federal subsidy.

Low income housing is in demand in Philadelphia, approximately 26.9 percent of the population lives below or at level of federal poverty line. According to the city’s figure, there are 110,000 families on waiting list for public housing, but the city is in strong position to lessen the housing shortages and its affordability because of its huge stock of about 9,000 unused, city-owned assets and properties as well as its access to available federal tax that can be used in the program and project.

The city develops and creates affordable housing through Community Development Corporations (CDCs), a neighbourhood-based program and developers who made partnerships with neighbourhood organizations. Financing for rehabilitation and the new constructions units whether for homeownership or rentals is provided using CDCG and Home funds. All of the haul aways are done by a local roll off construction dumpster rental company.

In simple terms, the plan aims to influence the unused and existing federal credit tax for low-income housing and developments that would target the more publicly owned lot. The sector would be selected in transforming areas that are subject to increase demand for market-rate housing and escalating property values.