As 2020 comes to a close and we look ahead to the Affordable Housing Industry in 2021, what do you see?
Personally, I have had many ask me, “is your firm busy?” or, “are companies still hiring?”
My answer is an emphatic “YES!”
I am as busy as I have ever been, and the Affordable Housing Real Estate Industry is doing very well.
Here are the facts that I find most relevant and recommend keeping an eye on as we move into 2021:
Large amounts of federal and start-up funding is being allocated to Affordable Housing.
For the 2021 fiscal year, the Trump administration requested $47.9 billion allocated to HUD. This funding is expected to increase affordable housing options greatly for those who need it. We’re also seeing more and more tech companies or opportunistic startups launching funds for making housing more affordable for Americans. In some of the most expensive cities, like San Francisco, companies are increasingly allocating funds towards affordable housing.
More Americans now quality for Area Median Income (AMI).
Unfortunately, due to the coronavirus pandemic and spike in unemployment, more Americans now qualify under certain AMI requirements and can utilize more affordable housing apartments. Area Median Income is the midpoint of all incomes in a region. But, fortunately, for the affordable housing industry, this is growth within the market segment.
Market Rate Developers need to diversify.
For the past few years, Market Rate Developers have been trying to diversify their portfolio and stance in the Affordable Housing market. Many of them already have and will continue to diversify and need to hire Affordable Housing Talent.
We need to be careful about what we choose to believe and the message that we convey to others. Even though things are a bit different and more difficult right now, it doesn’t mean that the industry is in a bad place. Join me and spread some optimism about where things are trending!
When you’re in the market for Affordable Housing Talent, reach out, and let’s talk. firstname.lastname@example.org