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Housing and finance insiders call for subsidized housing families can own, instead of rent – Seattle, Washington

Seattle, Washington 2021-09-22 18:45:00 –

Homestead Community Land Trust, a non-profit housing organization, hosted a seminar on 22 September and advocated a focus on increasing home ownership in the King County community. Invited a person.

Mark Santos-Johnson, Community Development and Housing Manager in Renton, said the value of housing in King County Market is growing much faster than many working families can afford, especially these. For low-income demographics and colored races, said there is a risk of evacuation of people in the community.

“People who work in the community should be able to afford to live there,” Santos-Johnson said.

The strategy commonly adopted by local governments is to subsidize the development of affordable rental housing. Santos Johnson said the method is problematic because certain individuals and families only aspire to lifelong beliefs, not homeowners. He said home ownership is important, especially for the BIPOC community, as it helps build wealth and economic liquidity.

Carla Strickland, Corporate Responsibility Specialist at JPMorgan Chase’s Nonprofit Engagement Office, said home ownership is good for the economy as a whole. She said home ownership is “important” in building community strength and stability and enables generational wealth.

Tonita Webb, president and chief executive officer of Verity Credit Union, said homeowners are generally heading in the wrong direction, thanks to the housing market cutting prices on many low-income homebuyers. After decades of policies and financial practices that she decided to exclude certain communities and demographics from home ownership, many BIPOC community members consider it feasible to own a home. I said I didn’t.

In this case, Equity needed a “system disruption” and a policy that created the current market, Webb said. Financial institutions change their view of risk and “stop calling communities risk” and instead start investing in them.

During the seminar, all three industry players advocated strengthening partnerships between public and private institutions to provide subsidized housing for families to own rather than rent. bottom.


Housing and finance insiders call for subsidized housing families can own, instead of rent Source link Housing and finance insiders call for subsidized housing families can own, instead of rent

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