gmhTODAY 11 gmhToday Nov Dec 2016 - Page 25

industry and caused six million potential homeowners to leave the housing market or become renters. The resulting impact on housing affordability and the overall housing market has been signifi cant. • Increased poverty: Nationwide, more than 19 million families are either home- less or paying more than half their income on housing, according to Enterprise Community Partners. • Loss of affordable rentals. The supply of affordable rental homes for seniors, dis- abled persons and others on fi xed incomes is dwindling. In California, as many as 131,000 federally subsidized rental apart- ments are scheduled to be returned to market rates over the next two decades. Moving Toward Solutions For decades, REALTOR® associations have joined other organizations in sup- • Skyrocketing rents: In California, rent on porting affordable housing programs at the a two-bedroom apartment rose 17 percent national, state and local level and acted between 2005 and 2013, while renter to protect against laws or regulations that incomes increased by only 5 percent. would make housing less affordable. In late April, the C.A.R. Board of Directors voted • Affordability nears record lows: After to back a state Assembly proposal that falling to a low of 29 percent in mid- would redirect $1.3 billion in surplus funds 2008 then rising to 56 percent in 2012 to a variety of affordable housing programs. as home prices plunged, C.A.R.’s Housing Among the highlights of the proposal are Affordability Index has hovered below 40 a new workforce housing grant program percent for 12 consecutive quarters. In that will provide down payment assistance, the second quarter of 2016, 31 percent personal income tax credits to help cover of California households had the income a portion of mandatory seismic retrofi t needed to purchase the median-priced costs, funds to fi nance the construction and existing, single-family detached home, rehabilitation of farmworker housing and which sold for $516,220. Assuming a 20 percent down payment, a household needed emergency housing, and tax credits that will enable developers to build, renovate an annual income of $101,217 to qualify. and acquire some 8,700 affordable homes serving an estimated 62,500 families. “Our teachers, nurses, fi refi ghters, police offi cers and other middle class workers should be able to afford to live in the communi- ties they serve,” said C.A.R. President Pat Zicarelli. “C.A.R. recognizes the urgency of California’s housing crisis and is fully supporting the proposal to invest a por- tion of our state’s budget surplus to address this housing crisis.” Analysts and hous- ing leaders agree that meeting California’s workforce housing needs likely will take decades and require an army of advocates and a willingness to consider new and unique solutions at every level of the pub- lic, private and nonprofi t communities. However, they wonder whether the “politi- cal will” exists to make these necessary changes. “We knew that housing wasn’t getting enough respect before the crash, but after the housing markets took down the world economy, you would think that people would think that housing was pretty important, and we should pay attention to it,” said Myers. “But no, it doesn’t seem to be working that way. It’s baffl ing. I can’t explain it.” Reimagine Your Space. Introductory Rate Home Equity Line of Credit % 4.00 1.99 Fix Ȁȁѡ()AH))))ѡɕѕ)AH)Qمхѡ́ɕЁȁѽ䄁䁽ЁܹݕѡԹɜ(ऀ̴ȁܹݕѡԹɜ(AHՅAɍхIєAHم䁅͕́AɥIє́ɝѼԸ͕ɕЁɅѥQAH́ՉЁѼѡѠѠ͕́ѼAɥIєѡЁAɥIєՉ͡ѡ]MɕЁ)ɹq5Iѕϊtх)ѡѠѡɥȁѠ5մAHД᥵մAHUѼ 1QXݥѠչ́Ѽ啅ȁɅ܁ɥ啅ȁɕ嵕ЁɥɥѡɅ܁ɥԁݥѡɅ܀مչ́ѼȁɕЁЁ䁥ѕɕЁՕ)ѡЁѡ丁ѕȁѡɅ܁ɥԁ䁹ЁݥѡɅ܁䁵ɔչ́ɽѡeȁ́ѡѥ镐ԁѼѡɥѕɕЁѡ丁Qɔɔɽͥȁɱ䁍ɔ́ɕ嵕Ё丁eԁ䁹Ѽ䁍х)́Ѽѡɐѥ́ѼѡQ͔́Ʌѽхݕİ%ԁͬݔݥɽ٥ԁݥѠѕѥѡ́ԁݥٔѼѼѡɐѥ̸Iѕ̰ѕɵ́ѥ́ɔѥٔ́ՉѥєɔՉЁѼݥѡ)ѥ1́ɔمȁݹȵɽѥ́ѡхє ɹ丁=ɽٕɕи ]Ѡ Ʌ ɕЁÚ͡ɕեɕɥȁѼչ́مѼЁ役951L%и)I11d%9MUI d9 U)%1I=d5=I8!%10M85IQ%8)9=Y5 H 5 H)ѽ乍(