5 min read
Portable Tenant Screening Report: A Comprehensive Guide
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
Workforce housing is affordable housing for households earning between 60-120% of their area median income (AMI), according to the Urban Land Institute (ULI). Workforce housing is intended to support middle-income workers, including police officers, firefighters, retail clerks, and teachers.
Often, these households don’t qualify for Section 8 (also known as the Housing Choice Voucher program) or the Low-Income Housing Tax Credit program – so workforce housing provides a safe, affordable solution.
Starting in the late 1990s, American incomes began to “lag behind rising costs of living, and housing supply for middle-income workers grew stagnant, causing an acute need for Workforce Housing, especially in larger metropolitan areas,” according to an article from the Community and Economic Development in North Carolina (CEDNC) at the University of North Carolina. The Great Recession exacerbated the issue of housing affordability as the production of new housing units all but stopped.
With low housing inventory and high home prices, workers continue to need help accessing affordable housing. As a result, many local governments are examining strategies to stimulate workforce housing creation, CEDNC says.
In 2017, the Board of County Commissioners of Collier County in Florida sponsored ULI to advise the local government on how to increase affordable housing and address its workforce housing needs. CEDNC summarized a few of ULI’s suggested strategies as follows:
But the first step to increasing the amount of affordable and workforce housing development is within the community directly. Raising awareness of this issue unlocks the potential for productive conversations that dispel misconceptions about affordable housing, including fears about who would be moving into the neighborhood.
No, workforce housing is different than the Section 8 housing program. Both focus on the need for affordable housing, but Section 8 serves low-income individuals and families while workforce housing serves mid-income families and individuals.
Also, Section 8 housing is sponsored by the government, so landlords within this program receive rent subsidies. Workforce housing isn’t sponsored by the government at this time.
Consult your real estate attorney first, but if there’s an opportunity for you to provide workforce housing at a reasonable price, we say do it! Not only will you be growing your portfolio, but you’ll also be helping to build your community.
NEWSLETTER SIGN UP
TheKey is the weekly newsletter for landlords, by landlords.
Subscribe to get tips, news, and hacks for even the most seasoned landlords.
5 min read
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
5 min read
Do you know who’s moving in? Without a thorough tenant screening report, you leave yourself open to financial harm. But when you...
9 min read
TurboTenant leads as the best landlord app of 2024, offering a suite of essential property management tools—from tenant screening to rent collection—designed...
5 min read
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
5 min read
Do you know who’s moving in? Without a thorough tenant screening report, you leave yourself open to financial harm. But when you...
9 min read
TurboTenant leads as the best landlord app of 2024, offering a suite of essential property management tools—from tenant screening to rent collection—designed...
Join the 550,000+ independent landlords who rely on TurboTenant to create welcoming rental experiences.
No tricks or trials to worry about. So what’s the harm? Try it today!