BLOG: Socially Responsible Housing: Combating the Crisis
Posted: August 11, 2020
In today’s social climate, we hear a lot about social responsibility. It seems like there is a new aspect to this term that arises every day. A quick Google search will provide countless definitions, most of which center upon the theory that holds individuals accountable in fulfilling their civic duty. But how does this relate to housing development?
Right now, the United States is facing an affordable housing crisis. A full-time worker earning minimum wage cannot afford a typical two-bedroom apartment in any county nationwide. Naturally, the reaction to this statistic is to simply build more housing. However, the government has consistently put more money towards middle and upper-middle class homeowners. In 2020, it is budgeted that $30 billion will be spent on mortgage-interest tax deduction, compared to less than $10 billion spent on low-income housing tax credit (LIHTC). Additionally, since 1990 we have seen the percentage of change in median rent continue to rise as the percentage of change in median wages rises and falls through the decades.
In Wyoming, MI, the most recent LIHTC housing location was built in 1986 with only 40 units. It has been 34 years since the area has seen a new achievable housing complex. While the property is still assisting those in need, there is still a gap that needs to be filled between affordable housing and market rate housing. HŌM Flats aims to bridge that gap.
At HŌM Flats, we believe it is our duty to create high quality achievable housing. We are currently working on a 386-unit multifamily community in the City of Wyoming that will offer housing to a wide range of incomes. HŌM Flats at 28 West is central to large employers, hospitals and entertainment. Whether they are driving into downtown Grand Rapids for the evening (8 min), pushing their pedals over to Kent Trails, or taking a leisurely stroll to Pinery Park, residents are only minutes away from everywhere they want to be. With our 24 / 7 Fitness Studio, dog park, remote working spaces and rooftop terraces, our residents’ next adventure begins right outside their doorstep.
The new project is taking on the housing crisis head on by creating a new community that focuses on quality affordable luxury. The introduction of HŌM Flats to the Wyoming community is only the first step in the mission. We hope to introduce other West Michigan locations in the near future, including a HŌM Flats at Felch Street in Holland. Each community is a milestone in our journey to deliver high quality affordable housing.
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