We're in a 50-Year Affordable Housing Crisis

May 6, 2019                              By: Alice Carr, Head of Community Development Banking, CHASE

A broad overview of where Chase was, where they are today, and how industry players can work together to address the growing affordable housing crisis.

The American Dream has been defined, in part, as the ability to afford a decent roof over your head. Half a century ago, that aspiration seemed more or less attainable for a broad portion of the country. Fast forward to today and that dream has become significantly harder to realize. Since the Great Depression, federal housing assistance programs have been necessary to help address a growing shortage of affordable housing.

Today, in the 50 largest metropolitan areas, only 37 affordable rental homes are available for every 100 low-income renter households, according to the National Low Income Housing Coalition (NLIHC). With homelessness increasing and rent prices soaring, we are facing a shortage of more than 7 million (NLIHC) affordable and available rental homes in the U.S.—and that number is growing.

It’s a start, but it’s not enough

The mission to provide low-income people with quality, affordable places to live through public housing started with the U.S. Housing Act of 1937. For years, the federal government and private entities have created various programs to promote fair housing, attract private investors and create new affordable rental housing.......................Read More