For many families, affordable housing makes a huge impact. The National Low Income Coalition states “When housing becomes more affordable, money can be used for other important necessities, such as healthcare, food, education, and more. Instead of all profit being spent on living, families can focus more on quality of life and stability.” Affordable housing is defined as “housing in which occupants pay no more than 30% of their housing costs (including utilities).” As prices continue to rise throughout the country and many different communities, more people begin to struggle financially, making the idea of affordable housing increasingly more important.
Affordable housing will benefit Stratford as a town; according to the non-profit organization Commonbond Communities, having lower costs of living also attracts new residents to towns.This grows neighborhoods and communities, which leads to businesses gaining customers and to the workforce expanding, which boosts and strengthens economic growth.
In fact, affordable housing is available in Stratford through the Stratford Housing Authority (SHA). The authority provides safe, affordable housing for eligible lower-income individuals (an individual whose family income is at or below 150 percent of the poverty line), seniors, and families. In Stratford,“41% of working families struggle to afford basic costs of living.” This makes programs like the SHA extremely significant and valuable for the community, as they help to keep Stratford a safe and affordable community for all residents.
But, this doesn’t mean affordable housing is entirely beneficial. Heritage Housing, a real estate company based in many different states, including Connecticut, notes that they create developments involving complex funding and situations. Affordable housing projects require meticulous planning and funding. Developers must overcome any financial challenges to make these projects successful, which makes it more difficult than traditional housing developments.
So, how does this affect the town of Stratford? With costs of living on the rise, affordable housing can encourage residential and financial stability throughout town. By providing affordable housing to the community, Stratford becomes more accessible to a larger group of people because of lower housing costs. It can also attract more people into our community, which would support local businesses and our local economy. However, given the complexity of affordable housing projects, our town should be considerate of certain factors and plan accordingly for success.
As Stratford continues to grow, thoughtful and considerate planning for affordable housing can help guide and navigate the community’s future. Addressing and working through the challenges associated with affordable housing projects can strengthen our town’s economy, and help ensure Stratford remains a welcoming place for people of any income level.
