Why Affordable Housing Matters

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Affordable housing is not just about four walls and a roof over one's head; it's a cornerstone of thriving communities and individual well-being. Access to affordable housing plays a pivotal role in shaping the quality of life for individuals and the vitality of neighborhoods.
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Impact on Education

Stable housing provides the foundation for academic success. When families have safe and affordable places to call home, it positively influences education in several ways:

  • Affordable housing reduces student mobility, allowing children to attend the same school consistently. This continuity fosters lasting relationships with teachers and peers, enhancing educational outcomes.
  • Shorter commutes and reduced stress mean children have more time for homework, extracurricular activities, and quality family time.
  • Affordable housing in neighborhoods with good schools ensures that children have access to quality education, setting them on a path to success.
2,587 enrolled students experienced homelessness during the 2019-2020 school year in the Richmond region.
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Impact on Economic Development

Affordable housing isn’t just a social issue; it’s an economic imperative. It plays a pivotal role in driving economic development and prosperity.

  • Affordable housing helps businesses retain employees who can live near their workplaces, reducing turnover and training costs.
  • Construction of affordable housing generates jobs, stimulates local economies, and attracts further investment in communities.
  • Affordable housing empowers individuals to invest in entrepreneurship and small businesses, fostering economic growth.
Housing generated $2.1 Billion in state & local tax revenue in 2020.
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Impact on Regional Competitiveness

Regions that prioritize affordable housing gain a competitive edge in attracting and retaining talent, businesses, and investment. Here’s why:

  • Accessible housing options make regions more attractive to a diverse workforce, essential for innovation and growth.
  • Affordable housing policies can lure businesses seeking a stable and skilled labor force.

Regions with affordable housing strategies are better equipped to manage growth sustainably, reducing inequality and enhancing overall competitiveness.

4 out of the 5 most common job occupations in the region cannot afford median rent.
By advocating for affordable housing, we’re investing in a brighter future for everyone.
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