That’s where private capital-through grants or direct investments, and working in partnership with local governments and nonprofits-can help come up with solutions.
These partnerships provide critical support, but the problem is simply too large to be resolved on a state-by-state, or even county-by-county, basis. To address this shortfall, local governments often partner with nonprofits to finance the building of more affordable homes. Meanwhile, it’s estimated that as many as 7.2 million new units are needed footnote3 to meet current demand for affordable housing. Americans earning less than $30,000 per year receive only a small slice of that assistance footnote2. The federal government spends nearly $200 billion per year on housing assistance programs, but the vast majority of it is allocated, via tax deductions, to households earning more than $100,000 per year. New financing partnerships could reshape housing In 2019, Bank of America was recognized on Fortune Magazine’s annual “Change the World” list for its work to address this gap in affordable housing through innovative financing solutions.
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Where, then, can the money be found? Increasingly, the answer seems to be private investors-who are making great strides in learning how to partner with governments and nonprofits to address the housing crisis. Neither governments nor nonprofits alone seem able to marshal the resources needed. That’s the approach Bank of America and its partners are taking to address housing shortages in San Francisco and Los Angeles. To help solve an issue as large as the affordable housing crisis, city, county and state governments, nonprofits and private companies will need creative new ideas. In fact, nearly 40 million Americans cannot afford their current homes-spending as much as half of their incomes just to meet their rent footnote1. While this growth has been a boon for owners, renters are increasingly finding it harder to find stable, long-term housing.
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