Building a Better Future: Strategies for Developing Affordable Housing in Fulton County
- Post by FCIDA
- February 6, 2024
Building a Better Future:
Strategies for Developing Affordable Housing in Fulton County
With attractions like the Saratoga Performing Arts Center and the historic Race Course drawing visitors from all over the state, nearby Saratoga County is in many ways a model of economic success. However, the county is facing a growing predicament—a dire shortage of affordable housing. As reported by the Times Union in July 2023, local businesses are struggling to find workers due to this housing crisis. The superintendent of the Saratoga Historical Park told the paper that visitors had to take a pass on the popular stone monument this summer—they didn’t have enough employees to staff it.
Attempts to address the problem and provide affordable housing often encounter resistance. As a result, lifelong residents of Saratoga are finding it increasingly challenging to remain in the communities they call home, and more businesses are struggling to staff their venues. Both are taking a toll on the county’s $647.5 million tourism industry.
Saratoga County’s experience serves as a stark reminder that a thriving economy and a vibrant community can be undermined when a shortage of affordable housing is left unaddressed. This issue not only affects the livelihoods of residents but also takes a toll on the county’s robust tourism industry, which contributes significantly to its economic prosperity. Even popular attractions like the Saratoga Hotel and Casino have taken a hit as a result of the crisis.
Likewise, Fulton County’s continued growth and development depend on meeting the housing needs of its residents. Failure to do so risks undermining the economic and social fabric of the community, hindering opportunities for businesses, workers, and the broader population.
Findings from the Fulton County Housing Strategy report
The Fulton County Housing Strategy report provides a comprehensive overview of the housing landscape in the region. It offers valuable insights into the current and future housing needs of the local population, based on factors such as demographics and economic dynamics. This report serves as a crucial foundation for understanding the affordable housing challenge in Fulton County.
The shortage of affordable housing options
One of the most pressing issues highlighted in the Fulton County Housing Strategy report is the shortage of affordable housing options. The demand for housing, particularly in the affordable and market rate categories, exceeds the current supply. This scarcity of affordable homes is not only impacting the ability of residents to secure suitable housing but also creating an economic hurdle for individuals and families struggling to make ends meet. The report underscores the urgency of addressing this shortage to ensure that Fulton County remains an inclusive and economically viable community.
The impact of affordability on the local population
The shortage of affordable housing options has far-reaching consequences for the local population. Many lifelong residents find themselves priced out of their own communities, unable to afford the rising housing costs. This not only disrupts the social fabric of Fulton County but also threatens the sustainability of its workforce. As businesses face challenges attracting and retaining employees due to housing affordability issues, the entire community feels the impact. Families and individuals alike grapple with the burden of housing costs, making it increasingly difficult to invest in other aspects of their lives. Therefore, addressing the affordability crisis is not just a matter of providing shelter; it is about ensuring the well-being and economic stability of Fulton County’s residents.
Strategies for Affordable Housing
Public-Private Partnerships
What they are: Public-private partnerships (PPPs) unite government and private groups to tackle housing issues. They help by combining funds, knowledge, and effort to develop affordable housing.
Success stories: PPPs have worked well in many places. For example, Boston’s “Inclusionary Development Policy” requires private builders to include affordable units or fund affordable housing. Denver’s Transit-Oriented Development Fund creates affordable homes near transit hubs, saving commuting time and costs.
Tax Incentives
How they help: Tax incentives, like Low-Income Housing Tax Credits (LIHTC), attract investors to affordable housing. Developers get tax breaks in exchange for renting some units affordably.
Real-life examples: LIHTC programs have spurred affordable housing in cities like Austin and Minneapolis, creating thousands of affordable homes.
Mixed-Income Developments
Why they matter: Mixed-income projects blend affordable and market-rate homes in one community. This builds diverse, inclusive neighborhoods that benefit everyone.
See it working: Chicago’s Roosevelt Square and San Francisco’s HOPE SF show how mixed-income housing improves affordability and neighborhood vibrancy.
Local Initiatives
Housing trust funds
These local programs use various funding sources to support affordable housing. They offer flexible funds for community-specific needs.
Zoning changes
Streamlining zoning and permits makes building affordable housing easier. It reduces costs and helps create more affordable homes.
The absence of affordable housing threatens the very heart of a community.
Just like in Saratoga, Fulton County’s continued growth depends on meeting the housing needs of its residents. Failing to address this critical issue jeopardizes not only the livelihoods of those who call Fulton County home but also the vibrancy of the region. By coming together as a community and advocating for affordable housing initiatives, we can safeguard our county’s economic health and cultural vitality. Together, we can unlock the full potential of Fulton County and create a brighter, more inclusive future for all.