Mixed-Income Communities Offer Housing Solution During Economic Downturn and Beyond

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Mixed-Income Communities Offer Housing Solution During Economic Downturn and Beyond

While the coronavirus pandemic and civil unrest command the country’s attention, we also need to keep a close eye on the economic impact of the health and social crises on the multifamily industry moving forward.
The combination of a global pandemic and the social justice reform movement happening in our country right now will only bring more attention to the affordable housing crisis. And it’s not just attention that we need to be prepared for. Demand for affordable housing has already increased. 
Unemployed and Impacted Renters Driving Demand 
The demand for affordable housing spiked when Covid-19 hit, as millions of Americans lost their jobs with little or no notice. Many displaced workers continue to tap what little savings they have to endure the time without work and still make their rent payments. As the country and economy slowly climb their way back, those renters will be looking to recoup and replace those reserve funds. 
As multifamily developers push full steam ahead on various projects throughout the country, many renters wait with anticipation to see whether some of these homes will be designated affordable or priced below market rate. By designating a number of units at each community as affordable, even more than required by local jurisdictions, multifamily has an opportunity to position itself as a solution to the affordable housing crisis.
Mixed Income Still Drives Revenue
The beauty of mixed income housing is that it still benefits from market rate units. With revenues driven largely by market-rate rentals, budgets can be bui……