Affordable Housing Solution.pdf

Here is a concise summary of the key information:

Housing Innovated aims to create affordable housing for lower-income households by converting unleased office space into residential units. The solution involves:

1. Partnership: Collaborating with businesses occupying large office buildings and local jurisdictions to change zoning from commercial to mixed-use.
2. Conversion: Converting unleased office space into smaller, affordable residential units for lower-income employees.
3. Rental Rate Offset: Offsetting rental rate differences through vacancies, impact fees, tax incentives, and improved asset stability.

Key Benefits:

Provides affordable housing for lower-income households
Reduces office vacancies and alleviates traffic
Promotes sustainable development and reduces environmental impact
Can be adapted to any market area in the US with large office buildings and affordable housing issues

Target Audience:

Lower-income employees with a median income of $40,200
Businesses occupying large office buildings
Local jurisdictions willing to change zoning regulations

Innovative Solution:

A unique partnership between developers, big business, and local jurisdictions to solve affordable housing problems
* Creates a solution for office vacancies and promotes racial equality by transferring zoning issues to businesses that adhere to equal employment opportunity laws.