About Affordable Housing WHAT IS AFFORDABLE HOUSING Means
About Affordable Housing
WHAT IS AFFORDABLE HOUSING? • Means families pay no more than 30% of their household’s income for rent Example: $2, 000/month $600/month spent on housing (rent, utilities, etc. ) FWHS has programs ranging from those for families with extremely low incomes to those making up to 80% of area median income. 2
WHAT IS AFFORDABLE HOUSING? 3
WHO NEEDS AFFORDABLE HOUSING? In Fort Worth today, 1 in 5 households is severely cost burdened. While “cost burdened” is defined as spending more than 30% of their income on housing, “severely cost burdened” is defined as spending more than 50% on housing. 4
WHO NEEDS AFFORDABLE HOUSING? 5 50% 80% 50% [VALUE] [VALUE] INCOME 80% 30% AMI INCOME FOR A FAMILY OF 4 FOR AN INDIVIDUAL 30% AMI
WHY DO WE NEED AFFORDABLE HOUSING? In Fort Worth, it takes one person working full-time at $16. 69/hour to afford the average one-bedroom apartment. 6
WHY DO WE NEED AFFORDABLE HOUSING? -29, 101 Affordable Rental Units • Businesses have a harder time recruiting and retaining workers if employees cannot afford to live near jobs or transit *Reported by the National Low Income Housing Coalition for Congressional District 12 • Children who lack the stability of a home lag behind their peers academically • Population growth: 420 people are moving into Fort Worth every week • Without affordable housing the cycle of poverty continues driving up the costs of social services, healthcare and public safety 7
WHAT IS NEXT FOR AFFORDABLE HOUSING? • Residents from Butler Place have begun to relocate to properties approved for RAD conversion • We anticipate the relocation of Butler Place residents to be complete by the end of 2020 • FWHS has approved the first Transit Oriented Development in the city of Fort Worth in partnership with Trinity Metro • FWHS believes housing is infrastructure and will continue to develop affordable housing in a manner that meets the needs of the community • FWHS currently is partnering with COFW, HFC and other agencies to implement housing plans for Cavile Place, Las Vegas Trail and other areas of Fort Worth 8
WHERE IS AFFORDABLE HOUSING? 9
WHERE IS AFFORDABLE HOUSING? 10
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