Unlocking the Market for Affordable Homeownership with Private Capital
In the aftermath of the Great Recession, skyrocketing costs, and shrunken incomes have made the once great engine for middle-class wealth creation and stability—homeownership—an unattainable dream for all but a few in Coastal California. However, efforts to alleviate housing cost burdens support affordable rental housing almost exclusively.
TPR spoke with Charles Loveman, executive director of Heritage Housing Partners—one of the few housing nonprofits in the region focused on affordable homeownership—to opine on the historical role that subsidized demand played in spurring housing production and the value of low to moderate-income affordable homeownership development:
"It’s important because homeownership creates a wealth engine for those low to moderate-income households that we sell units to. Like anybody else who owns a house in Southern California, house prices appreciate and the owners of those homes build equity. For those buyers who are able to qualify for a mortgage, it’s a much better outcome financially."
Read the full interview at The Planning Report.