Apartments, family-owned units, and rental units are some of the things that define great cities. Over years there has been rural to urban migration which has accommodation in the city a tall order. The apartments and the housing units that the working class can afford have become scarce because of the competition from all corners. The middle class is the people who drive the economy in most cities. Workforce Housing Resource – An Arthur Winn Site is informative on this program. There is, therefore, need to come up with a housing pathway that will accommodate the middle class. This is where the workforce housing program comes into play.
The operation of the workforce housing program
The Arthur Winn’s workforce housing program is committed to providing quality affordable housing programs. The workforce housing program is a designed to give an opportunity to the moderate to the low-income households to buy affordable homes.
They have voluntary partnerships with other stakeholders in the real estate industry that include the newly-built homes in the community. This is an initiative that does not use the county state or federal funding to accomplish its goal of making it clients to afford great housing.
The objectives of the program
The primary purpose of this program is to offer affordable households to the middle-class individuals. The objectives of the program can be summarized to:
- Promoting the construction of the housing units that are affordable
- Increasing the availability of the housing among the service workers
- Assisting the county employers in the reduction of critical labor by providing housing that will be accessible to this category of employees
- Reducing the traffic congestion by reducing the commuting distance for the employees
This has so far been a successful program with the middle class coming forward and taking their claim in the real estate industry. Many individual with low income have come forward and are owners of apartments in the great city thanks to the program.
Affordability is a key principal in the workforce housing program. There are certain buyer’s agreements and deed restrictions that are imposed on the home so as to ensure that there is continued affordability during the agreed timeframe. Some of these agreements include:
- Limiting the future sale price of the home
- Restricting the refinancing of the home
- Restricting the use of the home to the owner occupancy
- Limiting the future sales to the eligible qualified buyers
- Defining the legal remedies and default conditions to cure the defaults
- Authorizing the annual monitoring to ensure compliance with the workforce housing program