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Report: Affordable housing drives local economic growth

Posted by: VHFA on January 12, 2011 - 2:20pm

According to a new report from the Center for Housing Policy, affordable housing development drives local economic growth.

The report cites National Association of Home Builders estimates that building 100 new Low-Income Housing Tax Credit units for families can lead to the creation of more than 120 jobs during the construction phase.

Furthermore, that activity ripples through the economy, supporting businesses that supply the construction trade as well as retailers, health services, and restaurants where newly employed workers spend their pay.

Once the new homes are occupied, new residents continue to support roughly 30 jobs in a wide array of industries.

The report goes on to say these employment effects are on-par with building comparable market-rate units.

Read the report online (PDF).

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