Latest news with #Affordable
Irish Independent
07-05-2025
- Business
- Irish Independent
640 house hunters apply for just 30 affordable homes in south Dublin estate
However, by the time the window for applications closed on Tuesday, April 29, a staggering 640 applications were received. Unlike the neighbouring Shanganagh development – the Land Development Agency's (LDA) flagship project and the State's largest public housing scheme rolled out alongside Dún Laoghaire-Rathdown County Council – the 30 homes at Woodbrook in Shankill were delivered solely on council-owned land in conjunction with the developer, Castlethorn. More than 2,000 people in the north Wicklow and south Dublin region threw their names in the hat for what was effectively a lottery process for just 195 cost-rental homes at Shanganagh Castle, just before Christmas last year, and it was only to be expected that Woodbrook would attract a huge number of applicants. Woodbrook comprises some 685 three, four and five-bedroom houses, and a wide range of apartments and duplex homes in a variety of layouts. The 30 three-bed homes are reduced by some 40pc of their market value, with 17 houses available for €336,000 (value €560,000); four larger homes for €378,000 (value €630,000); and nine further homes for €393,000 (value €655,000). The affordable purchase price is calculated by Dún Laoghaire-Rathdown County Council based on the 'purchasing power' of eligible applicants. This takes into account applicants' maximum mortgage capacity and the minimum price set for the home by the council. The applicant's purchasing power must not exceed 80pc of the market value of the property and is worked out as a combined total of: Maximum mortgage capacity, i.e. four times gross household income; a minimum deposit of 10pc of the affordable purchase price; relevant savings (if you have savings above a certain amount, you may not qualify for the scheme, but you can have the money to cover the deposit on the home and an additional €30,000). The Affordable Housing Fund is there to make homes available at a reduced price for buyers who are seeking to buy a newly built home but need to bridge the gap between their mortgage and deposit to cover the full price of the home, in other words, if, like so many, they cannot afford the home at its open market value. The scheme provides buyers with what is known as an equity facility. This means buyers will enter into an 'Affordable Dwelling Purchase Agreement' with the council and will receive funds in return for the council taking a percentage ownership in the property purchased. The percentage ownership held in the home is known as an equity share. The buyer can then redeem or 'buy out' this equity share at a time of their choosing, but there is no obligation to do so. If the buyer chooses not to redeem the equity share while living in the home, the Council can do so when the property is sold, transferred, or after the death of the owner. ADVERTISEMENT The scheme is targeted at first time buyers and each person included in the application must have the right to reside legally in the country. The popular development is located within the long-established Woodbrook Golf Club, and will feature an on-site creche, primary school and neighbourhood centre. Shankill village is just a short stroll away, and one of the big bonuses for residents will be the new, dedicated Woodbrook Dart station, which is scheduled to open later this year.
Yahoo
22-04-2025
- Business
- Yahoo
‘Brat' back: Tasty Kraut returns following food trailer explosion
SAN ANGELO, Texas (Concho Valley Homepage) — Four weeks after the Tasty Kraut German cuisine food trailer exploded, the business has been brought back to life to serve San Angelo residents once again. Here's how the owners rebounded from a 'wurst'-case scenario. The Tasty Kraut food trailer exploded during the night of March 23 while being stored at the Affordable Self Storage site on United States Highway 67. Although it was reported by the Dove Creek Fire Department that no one was injured by the blast, photos shared online by The Tasty Kraut showed that the trailer sustained extreme damage. 'There's nothing left,' the business said in a Facebook post published the morning after the explosion. The Tasty Kraut — which Holger Buchwalder, husband of business owner Pia Buchwalder, told Concho Valley Homepage was his family's 'future here in the United States' — was only a few months old at the time of the explosion, having been opened by the Buchwalders in January 2025. The explosion occurred just after The Tasty Kraut's first week in San Angelo, with the business operating in Mertzon before that time. RELATED: Concho Valley food trailer 'exploded' in storage The loss didn't deter the Buchwalder family, however. Holger Buchwalder said that it is his wife's dream to provide West Texans a taste of Germany, a dream that has been decades in the making. 'She's a chef for over 30 years, so her dream is to bring German food to West Texas,' Holger Buchwalder said. 'So it's not only the business side of it … it's also fulfilling part of a dream.' Holger Buchwalder shared that the people of San Angelo helped them along the way, with thousands of dollars in donations from a GoFundMe fundraiser assisting in the purchase of a new food trailer and support from the community aiding in the business's recovery. The Buchwalders also received support from overseas, as friends and family in Germany spurred them along. Weeks after the explosion, it was announced that The Tasty Kraut was going to resume operations in a new food trailer on April 22, bringing back its usual menu of German foods as well as a new item: 'Bratkartoffeln,' also known as German fries. Holger Buchwalder said that, with The Tasty Kraut now back in operation, the business will begin to spend more time in San Angelo. He said the explosion was a bump in the road for their food trailer. 'It was just one stone in our way, we just get over it and do it again,' Holger Buchwalder said. The Buchwalders haven't forgotten the people who got them to this point, though. Holger Buchwalder stated that his family is making plans to give back to the San Angelo community. He also thanked the town's residents for the outpouring of care they received in the weeks following the explosion. 'I can't thank enough for all of the help and all of the support,' Holger Buchwalder said. 'I don't have any words to thank the people. That's why I want to come up with something to show appreciation.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-03-2025
- Business
- Yahoo
City of Tacoma contributes $6M for affordable housing. Here's which projects will benefit
The Tacoma City Council has approved $6.9 million for new affordable-housing projects, totaling a more than $27 million investment over the past five years. According to the city, the collective $27 million investment will help create 724 units of affordable housing. During its March 18 meeting, the Tacoma City Council approved an amendment to the Affordable Housing Fund agreement with the Tacoma Community Redevelopment Authority. The amendment contributes more than $6.9 million to three additional affordable housing projects. The projects and investments include: $1 million to Mercy Housing Northwest's Aviva Crossing near Tacoma Community College. According to the City of Tacoma, the funding will help create 129 units of affordable housing. $3.7 million to HumanGood Affordable Housing's South Yakima Senior Housing facility. The funding is expected to create 66 units of housing. $2.2 million to Mercy Housing Northwest for 80 units of affordable housing at a development referred to as 35th and Pacific Maria Lee, a spokesperson for the City of Tacoma, said the money will go toward the 'construction phase' of the projects. The projects were selected through an application process in 2024 administered by the Tacoma Community Redevelopment Authority. According to Lee, the city committed an additional $6 million to Aviva Crossing through a similiar funding oppurtunity in 2023. Lee said the priorities for affordable-housing projects are consistent with priorities previously identified by the Tacoma Community Redevelopment Authority. According to a city memo, households served by the projects must have incomes below 60% of Area Median Income (AMI), and some projects include lower income limits, such as below 50% AMI or below 30% AMI. Tacoma's AMI is $83,857 per household, according to the most recent U.S Census data from 2023. According to a memo from the city, a goal is to 'decrease the percentage of individuals who are spending more than 45% of income on housing and transportation costs,' a burden felt disproportionately by Tacoma's Black and Pacific Islander households. 'As of the last reported U.S. Census Bureau American Community Survey 5-Year Estimates, 51% of people in Tacoma are experiencing renter cost burden, meaning they pay more than 30% of income on monthly housing cost expenses,' the city's memo states. Money for the projects comes from the city's Affordable Housing Fund, which raises money through sales-tax revenue. One-time general fund contributions can also be allocated to the Affordable Housing Fund periodically by the City Council. The fund contributes to contracts which can extend to 2031. Completed projects funded by Tacoma's Affordable Housing Fund include: The Shiloh New Life Apartments operated by Shiloh Baptist Church which the city committed more than $4.4 million towards to create 60 affordable housing units. Tahoma Place operated by the Korean Women's Association, which received more than $1.9 million to create 87 affordable housing units. Other projects that have received committed funding from the Affordable Housing Fund are still under construction or in pre-development. Some of those projects are: Patsy Surh Place, for which the Low Income Housing Institute received more than $1.4 million from the city to create 77 units. Viridian Grove, for which Southport Construction received $2 million from the city to create 98 units. Lincoln District Family Housing, for which the Low Income Housing Institute received $4 million to create 72 units.
Axios
20-03-2025
- Business
- Axios
Crisis to opportunity: 4 strategies to expand housing supply
Families across the U.S. face an increasingly unaffordable housing market. As of 2024, an estimated deficit of 3.7 million homes is driving up costs in almost every state, including Illinois. More than half of all renters spend more than 30% of their income on housing costs. Over 12 million pay more than 50% of their income toward these expenses. Why it's important: The rising cost to rent or own a home undercuts neighborhood stability, local economic vitality and overall economic growth. What's missing: The "missing middle" refers to a range of moderate-cost housing types. Think: duplexes, townhomes, single-family "starter" homes and older private multifamily rental buildings. This housing, historically prevalent in urban areas like Chicago, has become less common and underproduced due to restrictive zoning practices and other market dynamics. This missing middle housing is also largely unsubsidized. That means if the mainstream real estate and construction industry isn't building it, few public resources are available to fill construction and rehabilitation cost gaps for more mission-focused developers. Here's what else: Naturally-Occurring Affordable Housing (NOAH) — which refers to existing rental housing in typically older, privately-owned buildings — makes up the majority of affordable housing in the U.S. Generally, it's more cost effective to preserve and renovate NOAH than construct new units, but regulatory, financial and market barriers prevent achieving meaningful scale to meet local demand. Some strategies: Working closely with national and local partners, JPMorganChase has identified several place-based strategies to increase affordable housing supply — all based on business insights, philanthropic investment, and research and policy expertise. These insights present an opportunity for public and private sector stakeholders to target the dynamic circumstances underlying the national housing shortage and tailor solutions to local markets — like Chicago. 🏠 Strategy 1: Streamline municipal zoning and land use processes Zoning regulations that limit density, target and restrict housing types, or add cost prohibitive requirements (see: high parking ratios) limit the ability to deliver the full spectrum of housing options and price points needed for a diverse housing market. Removing redundancies and standardizing processes can help municipalities facilitate faster approvals and reduce bureaucratic hurdles, creating a more predictable development process and making investing in housing more attractive for developers. An example: Chicago is implementing the Cut the Tape initiative, a suite of recommended process improvements aimed at removing barriers, establishing more concurrent review steps, increasing transparency and streamlining application processes. The City is also piloting expedited reviews for affordable housing development and expanding reduced parking minimums across Chicago, already established in areas near public transit. JPMorganChase has supported the implementation of these reforms by supporting the Metropolitan Planning Council and the Civic Consulting Alliance — both of which provide consultative strategic support to Chicago departments. 🏠 Strategy 2: Facilitate effective property acquisition strategies Acquiring land suitable for development can be challenging, time-intensive and costly. Municipalities have several levers at their disposal to ensure land acquisition strategies are efficiently tailored to meet local housing market needs. An example: The City of Chicago has prioritized developing a comprehensive strategy around its landholdings. One of the most visible manifestations of underinvestment in Chicago's South and West sides is property and land vacancy. Efforts to redevelop these lots in targeted neighborhoods will create equity for homebuyers, allow for upward housing mobility for residents, and stabilize and increase the value of surrounding homes and properties. United Power's Reclaiming Chicago targets city blocks to acquire and build homes. The coalition also prepares and connects homebuyers to affordable mortgages and helps them plan for long-term maintenance and repairs. The goal: To build 2,000 affordable for-sale homes in Chicago's South and West sides in the next decade. JPMorganChase has supported the coalition since 2020, providing over $10 million to help leverage vacant city-owned land to build affordable homes in partnership with local government. 🏠 Strategy 3: Support construction innovations Housing development construction is a costly and capital-intensive endeavor — even with reduced costs from streamlining bureaucratic development processes and adopting more efficient land acquisition strategies. Macroeconomic factors, like supply chain disruptions and rising material and labor costs, further increase the capital required. An example: Local developers in Chicago are exploring new models to reduce construction time and design costs and scale production for more affordable homes — like modular building. With modular building, construction is done offsite and then assembled onsite. The results: This method can shorten development timelines and extend the construction season, which is beneficial in areas with colder winters — like Chicago. It can also provide year-round employment for construction workers. The Connecting Capital and Community (3C) program, supported by JPMorganChase, has formed an alliance of homebuilders using traditional and modular construction to organize over 60 lots under site control and build six new affordable homes so far, with 30 more pending approval. 🏠 Strategy 4: Strengthen local financing and development capacity for production and preservation Because of the capital-intensive nature of housing development, it's often economically inefficient for a developer to build new or rehabilitate housing at rent or purchase prices affordable for low- and moderate-income households. Nonprofit and other mission-driven organizations are an essential part of the housing supply ecosystem because they can effectively assemble public and private sources of capital at scale. These organizations rely on a mix of philanthropic investment, public funding and private capital. That means coordinated efforts across the public, private and civic sectors — and aligned financing solutions — are fundamental to constructing affordable housing at scale. An example: The Preservation Compact within the Community Investment Corporation, a local community development financial intuition (CDFI), has coordinated and co-designed strategies across government, non-profit, real estate, philanthropic and finance to preserve government subsidized housing and NOAH properties. Since its inception in 2008, the coalition has preserved the ongoing affordability of 7,000 rental units; raised, supported and helped develop a $48 million loan program and $5 million Chicago CDFI collaborative to redevelop 1,500 units; and more. The takeaway: JPMorganChase is committed to powering local economies, and affordable and resilient housing markets for low- and moderate-income families in Chicago and cities across the U.S. are essential to drive economic growth and opportunity.
CBC
24-02-2025
- Business
- CBC
More money for more homes: Federal government, N.L. announce $44M in construction funding
The latest in a string of funding announcements made by Newfoundland and Labrador's provincial government since January took place at a construction site in Clarke's Beach on Monday. A $44-million commitment was made between the provincial and federal government's to help build over 280 new homes in the province. The location of the announcement is the where six affordable rental units will be built, using $300,000 from the province's Affordable Housing Fund. That fund provides money through low-interest and forgivable loans or contributions to partner organizations. "A lot of these units that you see here will probably be for seniors," said Avalon MP Ken McDonald, who isn't seeking re-election federally but is "leaning toward running provincially." But Monday's announcement includes 26 projects total. The province previously contributed 17.9 million. On Monday, the federal government added $26 million. McDonald said as the population ages, more homes will become available for rent or redevelopment to accommodate cheaper apartments for those struggling to find a place to live. Avalon MP Ken McDonald and Harbour Grace-Port de Grave MHA Pam Parsons announced the funding on behalf of the federal and provincial governments, adding that McDonald is "leaning toward running provincially" in the upcoming election. Area MHA Pam Parsons told reporters two more projects are already being planned for Bay Roberts. "We'll see a significant number of homes as well," she said. "It's good news all around." Access to housing is a problem in the province. Emergency shelters like the Salvation Army's Wiseman Centre and The Gathering Place in St. John's are constantly at capacity. Kim Grant, associate executive director of The Gathering Place, said their shelter has 40 beds, but they hope to have more with the opening of 53 transitional and supportive housing rooms within the next two months. Pam Goodyear at the Salvation Army shelter in St. John's says the shelter's 21 beds fill up every night, but it needs more money to keep up with demand. The units announced by the government on Monday are projected to cost between $665 and $880 a month.
