1 / 14

Affordable Housing: Post Katrina

Affordable Housing: Post Katrina. Presented by GoodWork Network. Overview of Affordable Housing. What is Affordable Housing? The generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing

castor-carney
Download Presentation

Affordable Housing: Post Katrina

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Affordable Housing:Post Katrina Presented by GoodWork Network

  2. Overview of Affordable Housing What is Affordable Housing? • The generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing • Families who pay more than 30 percent of their income for housing are considered • An estimated 12 million renter and homeowner households now pay more then 50 percent of their annual incomes for housing

  3. Overview of Affordable Housing Why is Affordable Housing important, post Katrina? • Housing is the greatest challenge the City faces in its recovery • Housing is at the heart of all of the barriers to recovery

  4. Teachers Janitorial staff Doctors Nurses Restaurant Workers Cashiers Police Officers Hotel staff Fire Fighters Child care providers Overview of Affordable Housing Post-Katrina, who needs Affordable Housing?

  5. Overview of Affordable Housing Post-Katrina, who needs Affordable Housing? Everyone

  6. Overview of Affordable Housing Realities of New Orleans Housing Market • Depends on the program • Depends on the applicant

  7. Affordable Housing Options Renting vs. Homeownership • In most cases, it's better to buy a home than to rent. But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. Fortunately we can give you some quick rules of thumb. You should usually buy instead of rent except when: • You intend to move within a few years • Your rent is very low (~ 2/3 or less of what your total monthly payments would be for buying a house) • You don't expect to live more than another 15 years

  8. Affordable Housing Options Renting vs. Homeownership Realities of Renting, Post-Katrina • Higher Rents • Subject to owner’s whims • No equity, no investment • Should the worse happen, not tied to property

  9. Affordable Housing Options Renting vs. Homeownership Realities of Homeownership, Post Katrina • High Insurance Rates • Predatory Lenders • Responsible for Maintenance • Long term investment, an asset

  10. Affordable Housing Programs Selecting a homebuyer training program • Shop around • Select a program that works for you • Know your options

  11. Affordable Housing Programs Preparing for a homebuyer training program • Be patient • Be realistic • Be honest

  12. Affordable Housing Programs Selecting a Realtor • Yes, you do need a realtor • Interview and determine their track record

  13. Affordable Housing Programs Good Investment Tips • Be a good neighbor • Maintain your property • Become a landlord

  14. Affordable Housing:Post Katrina Presented by GoodWork Network

More Related