Latest news with #HousingNow
Nikkei Asia
a day ago
- Business
- Nikkei Asia
Myanmar startup looks to bring 'affordable housing' to Bhutan, India
TOKYO -- A Myanmar-based startup that builds affordable housing made from bamboo for displaced people in the country hopes to bring its business model to South Asian nations such as Bhutan and India, according to its co-founder. Housing Now won the Nikkei Asia Award for the enterprise's social and economic contributions to Myanmar, a country in the throes of a civil war that has displaced 3.5 million people as of May, according to the United Nations Office for Coordination of Humanitarian Affairs. Its prefabricated bamboo houses cost roughly $1,000 apiece, while their modular design allows them to be upgraded or expanded easily.
Yahoo
04-04-2025
- Business
- Yahoo
The No. 1 Expense That's Making It Harder for Renters To Afford Housing
For many people, saving for a down payment for a house feels like a losing battle and a major obstacle to homeownership. But renting can be equally challenging — especially when it comes to gathering the funds for a security deposit. Find Out: Try This: Typically, a security deposit equals one month's rent. But in some states, landlords can collect up to three months' rent as security, according to Bay Property Management Group. Other states have no limits. Plus, there may be other costs, such as a pet deposit, utility deposit or even a key deposit to encourage the safe return of apartment keys when the tenant moves out. Fortunately, there are creative ways to cover the security deposit and get into an apartment without selling your belongings on Facebook Marketplace — although that's an option! — or relying on the generosity of friends or family members. 'Cash-strapped renters have alternatives beyond … the bank of Mom and Dad these days,' said Brian Zrimsek, industry principal at the prop-tech firm MRI Software. Also, make sure you're aware of these signs you're overspending on rent. In a best-case scenario, you'll have time to accrue funds. Keeping your budget in mind, aim to set aside weekly or monthly increments and deposit it in a high-yield savings account or a CD. If you need $4,000 for rent and the security deposit, for example, you'll want to set aside at least $330 per month. If your money earns 5% interest, you'll have $4,067.47 by the end of the year. If that doesn't fit your budget, consider ways to increase your earning power or save lump-sum payments, such as a tax refund or bonus at work. 'A well-structured approach would be setting up high-yield savings accounts or certificates of deposit, where you can institute a discipline of accumulating savings over time so that the amount deposited doesn't place a strain on your finances,' said Sara Levy-Lambert, head of growth at RedAwning, a vacation rental platform. Consider This: Omer Reiner, president of Florida Cash Home Buyers, suggested approaching the situation 'just as you would any other scenario when money is needed fairly fast.' He said, 'Consider getting into a ride-share position or delivering groceries and other goods. … Tips can really add up, and you can work as little or as much as you want until you have saved up enough for the move.' Some landlords may allow you to use a credit card to pay your security deposit, but they might pass the processing fees, between 1% and 3% of the transaction, on to you. If your landlord won't allow you to use a credit card, you can take out a cash advance. This isn't ideal, since credit card cash advances often have additional fees attached, and interest rates may be higher than the purchase APR. Reiner also suggested checking with local rental nonprofits. 'They might be able to help you out with a deposit,' he said. The Salvation Army's Housing Now program, for instance, lists rent and deposit assistance amongst its services. Landlords may allow you to forego a security deposit if the landlord offers lease insurance. To find such programs, look for a property advertising 'no deposit' or 'zero deposit.' Companies like LeaseLock and LeaseGuard insure the property; the renter makes monthly insurance premium payments instead of an upfront security deposit. If there is damage to the property, the landlord files a claim with the company. 'These are more affordable [than a one-time fee] and help keep people housed,' said Derek Morton, Netgain Property Management owner. However, unlike paying a security deposit, you won't get your money back after you move, and you may end up paying more over the long run. If you have no U.S. credit history, you could end up paying a larger-than-expected security deposit. For those in this situation, a program like theGuarantors, Leap or Insurent Lease Guaranty service might help. The company acts as a co-signer or lease guarantor in exchange for an upfront fee. Some programs also work for renters with decent to good credit who don't meet a landlord's financial requirements. 'Insurent … acts as an institutional guarantor on a renter's lease. Renters pay a lease guaranty fee to use this service, but the savings can be significant and a far cry from paying the equivalent of several months' rent upfront,' said Zrimsek of MRI Software, which recently acquired Insurent. Securing the apartment you need might require creativity and persistence. Not all landlords provide security deposit alternatives, but many could be willing to work with you, if you ask. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for RetireesI'm Retired and Regret Moving to Arizona -- Here's Why 5 Types of Vehicles Retirees Should Stay Away From Buying This article originally appeared on The No. 1 Expense That's Making It Harder for Renters To Afford Housing Sign in to access your portfolio
CBC
19-03-2025
- Business
- CBC
Federal government promises $2.55B in low-cost loans to help Toronto build rental homes
The federal government says it will offer billions in low-cost, long-term financing to help build thousands of rental units in Toronto, including more than a thousand affordable homes. The $2.25 billion will be provided through Ottawa's Apartment Construction Loan Program. It comes after Toronto city council passed a package of financial incentives for rental builders that includes relief from development charges and a reduction in property taxes, so long as 20 per cent of new units are rented at discounted prices. The financing will go toward seven rental development projects selected by the city that could be under construction by the end of next year. In all, it is expected to help deliver 4,831 rental homes, with at least 1,075 of those being offered at below-market rents, according to the city. At a news conference Wednesday morning, Toronto Mayor Olivia Chow said the "landmark agreement" will reduce barriers to build housing and help secure affordable homes "for generations to come." Chow was joined by Liberal MPs Nate Erskine-Smith, the federal minister of housing, and Julie Dabrusin, who represents Toronto–Danforth. The announcement comes with recently sworn-in Prime Minister Mark Carney expected to call a snap federal election within the coming days or weeks. "This agreement says together we are stronger. Partnership is what it takes," Chow said. She added the agreement is "historic" because it's the first time the federal government has been "willing to batch of all the projects together and say to Toronto, 'we trust you deliver them.'" Building has slowed, Chow says Chow noted that a prolonged period of elevated interest rates and now deepened economic uncertainty around U.S. tariffs has resulted in many housing projects in the city stalling out. The seven developments to be supported with the financing include several approved in December and others being built under the city's Housing Now program, which aims to build mixed-use communities on city-owned land. The projects are: 1,267 rental homes at Quayside. 1,226 rental homes at 49 Ontario St. 767 rental homes at 50 Wilson Heights Blvd. 705 rental homes at 777 Victoria Park Ave. 370 rental homes at 250 Wincott Dr. 341 rental homes at 26 Gilder Dr. 155 rental homes at 3379-3385 Lawrence Ave. E. Chow said there is another $4.5 billion low-cost financing the city could access in partnership with Ottawa, but it is contingent on matching funding from the provincial government that has not yet materialized. Tuesday's announcement also included a promise of $25.8 million over two years from the federal government to help Toronto with its "immediate needs related to encampments." According to the city, the funding will be used to expand outreach to homeless people and enhance shelter services, specifically those that help connect people in encampments and shelters to permanent housing.
