Nevertheless , much can be done to provide people opportunities to access housing or otherwise strengthen their financial position to participate more fully in the housing market . Improving people ’ s access to highquality education and development of marketable skills has the potential to raise income , making housing and all other goods and services more accessible .
To the degree that credit — rather than , or in addition to , income — is the barrier to entering the housing market , assistance in credit rehabilitation can help people access more optimal housing opportunities . Providing resources for low-income individuals — and really all individuals — to become more financially literate is beneficial in several facets of life , well beyond housing . Budgeting , saving , and paying off debts may help individuals avoid credit issues that would prevent them from becoming homeowners or accessing the rental units of their choice .
For those families who have already experienced credit issues , providing opportunities to rehabilitate their credit can make better housing more accessible . Individual Development Accounts 15 and / or down payment assistance 16 can help families secure the resources to purchase their own home . While the primary focus of these types of programs is to help individuals and families , they have positive spillover effects for communities as well .
Subsidies and Affordable Housing , Revisited
How should the limited resources available for community development be spent ? Considerations include providing a limited number of families access to affordable housing , supporting neighborhood revitalization in a limited number of neighborhoods , spreading funds through several neighborhoods with diminishing impact , or implementing a combination of these approaches . These are challenging choices with very real trade-offs .
What do we collectively desire as it relates to housing affordability ? If we become a region where the cost of all housing is substantially reduced , it probably means our economy has taken a poor turn . Yet , would we be willing to
accept San Francisco ’ s housing costs if we were able to enjoy the robustness of their regional economy ?
While these are larger regional questions , some of the same dynamics — to a lesser extent — play out between neighborhoods and communities in any region . Setting a course for growing Central Indiana ’ s economy — and positioning housing strategies alongside those goals — could have a greater impact on families than examining housing strategies on their own ( or economic strategies solely ). Coordinating efforts provides a real opportunity to achieve greater impact .
15
A matched savings account offered in the State of Indiana through the Indiana Housing and Community Development Authority in partnership with local nonprofits .
16
An eligible activity under the federal HOME and CDBG program , as well as periodically provided by public or philanthropic entities , often in partnership with private lenders .
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