Turning Vacant Properties into Affordable Housing

Turning Vacant Properties into Affordable Housing

[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Housing Connector]

The average wage in the U.S. just increased 24% in the last five years while monthly rent rose 37%. The large gap between take-home pay and rent is a primary cause of housing instability and contributes to increased rates of homelessness.

Enter Housing Connector, a nonprofit making it easier for landlords and private property owners to rent to people experiencing homelessness. It was launched in 2019 by civic leaders, service providers, and Zillow. Currently available in Seattle, Tacoma, and Denver, Housing Connector’s partnerships provide a cost-effective model for affordable housing. It provides landlords and property partners with guaranteed rent, damage mitigation, and two years of support to help keep new tenants in stable houses. Once a vacancy comes up, the property manager lists it on Housing Connector’s Zillow-powered platform. Then, case managers use the platform to match people with affordable, vacant units that have adjusted or waived criteria, like credit and rental history. Once a tenant is matched to a home, they get two years of guaranteed housing stability support from Housing Connector and property owners get access to financial and mitigation support. On average, it costs around $3,900 to place and support a household in a property for two years (a far cry less than the $40,000 the US Department of Housing and Urban Development estimates a single homeless person costs taxpayers). In a recent story about them by NBC, you can see how much of an impact this service is having on its communities. During its first three years of operation, 3,700 people were successfully placed in homes.

What we like: A deeply rooted mission to make change in a sustainable way combined with Zillow’s reach is a win-win all the way around.

Learn More

https://geekestateblog.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-07-at-12.40.03-PM.png

Source link

img

Related posts

Trendy Ways Landlords Can Attract and Retain Tenants

As the real estate industry continues to change rapidly, it is imperative for landlords and real...

Continue reading
by

State of the GEM 2023

Collectively, the GEM is a diverse community of proptech innovators spanning every role, sector,...

Continue reading
by

Meet the REACH and REACH Commercial Teams – January 17th

REACH operates a variety of accelerator programs around the globe, created and operated by Second...

Continue reading
by
Skip to content