Major employers and economic drivers like universities can use various tools to make housing more affordable for their students and staff.
In a piece for Smart Cities Dive, Eric Maribojoc describes how ‘anchor institutions’ such as universities can help alleviate the housing crisis faced by many cities.
Maribojoc outlines how some colleges and universities have launched programs aimed at supporting affordable housing for their employees and communities. According to Maribojoc, “Their interventions are not only effective for their communities, but also fiscally responsible investments with steady returns.”
The University of Virginia leased two plots of land to developers for new housing, while “Durham Technical Community College, in North Carolina, is contributing a 10-acre location to a partnership with the Bank of America, Mosaic Development Group, and the Partnership for Southern Equity to build housing with a preference for their students.”
Some schools that don’t own underutilized land are subsidizing housing grants for their staff, while others are helping students experiencing housing insecurity access housing services.
Maribojoc adds, “While it may seem like a risky investment, our research found that institutions that provide funds for lending to affordable housing see steady returns of between 2% to 3% a year.”
FULL STORY: Colleges can take steps to address the affordable housing crisis
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