Northeast Shores Development, a nonprofit community development group in Cleveland, is helping out the economically-challenged creative class by implementing a new pilot artist-ownership that pushes renters toward homeownership. Residents of a new six-unit housing development can earn bonus equity every month, which can be used as a down payment on a studio or home.
Curbed reports that several cities, states, and nonprofits are addressing the nation’s affordable housing crunch through strategies that include inclusionary zoning, new funding models, and changing building codes.
According to the Urban Institute, for every 100 extremely low-income households in need of an affordable apartment, only 29 units are available, and researchers at the Harvard Joint Center for Housing Studies found that 38.9 million households are cost-burdened, paying more than 30 percent of their income for housing.
Denver launched a $10 million loan fund for affordable housing projects, and Minneapolis is building a new 90-unit mixed-income development with green features that require less maintenance. Philadelphia built a sleek new apartment complex with landscaped terraces and easy connection to transit.