Addressing the housing shortage & affordability

Today, the White House released details of its plan to address supply constraints in the housing market. As a nonprofit focused on housing affordability, Navigate supports the housing initiatives from the Administration and is ready to work hand-in-hand to help families across the country.

For years, families across the United States have struggled to find housing they can afford. The COVID-19 pandemic has only aggravated the affordability issue as the prices of units-for-rent and homes-for-sale increased. According to the Case-Shiller Index, home prices went up “7 to 19 percent (year-over-year) every month from September 2020 to June 2021.” The national price-to-income ratio is the highest it’s ever been since 2006.

The Biden-Harris Administration plans to address this compounding problem with both legislative and administrative interventions. First, the Administration will work with Fannie Mae, Freddie Mac, HUD, and others to increase the supply of single-family and multifamily units. Nonprofits like Navigate will be able to play a big role in this initiative.

Nonprofits like Navigate will be able to play a big role in this initiative.

The federal government owns 12,000 single-family homes that failed to sell at a foreclosure auction. Currently, nonprofits and owner-occupants have 10-20 days to make offers on the units. Under the new plan, that period increases to 30 days. That extra time can mean so much to families struggling to save their homes. It also helps nonprofits working in local communities to more efficiently further their housing-related missions.

In Washington, the Administration is urging Congress to invest in the construction of affordable housing units to build or rehabilitate two million homes for low- to middle-income homes in economically vulnerable communities with Federal subsidies.

As you know, Navigate has been working in Birmingham’s North Titusville neighborhood on revitalization efforts that include creating housing and homeownership opportunities. Later this year, we will begin construction on new homes located on previously blighted lots to revitalize the area around the elementary school. Our goal is to build quality, livable and innovative housing that working people can afford.

We have also teamed up with local nonprofit BuildUp to save homes slated for demolition. The houses are repositioned to neighborhoods being revitalized and provide housing that is both high quality and an affordable price point. Navigate recently secured a relocated home for the North Titusville neighborhood. The house has since been rehabbed and sold. We were able to preserve housing, take another step towards revitalization, and add a new homeowner to the community.

We want to do more, and we will.

There are any number of nonprofits with a mission and vision to address affordable housing. We are in our respective communities doing the work every day and meeting the needs of the communities we serve. We look forward to working with Washington leadership to address the housing shortage and housing affordability for working families across the country.