Nonprofit organizations believe they can help alleviate some of the stress of creating more affordable housing with a new plan.
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There are increasing signs that affordable homeownership is being pushed out of financial reach for most U.S. families. High mortgage rates and steep property purchase prices have made the dream of families owning their own home seem ever more distant. CDFIs, or community development financial institutions, have traditionally been able to access funds for general housing through the Department of Treasury and the Department of Housing and Urban Development , but there are no specific set of grants for affordable home ownership work.
Small percentages of those funds are directed to home ownership, Coats contended, and even though the Treasury Department is making some efforts toward affordable housing, those can’t compare with the onslaught of corporate investors who have been able to use all-cash purchases to buy up single-family properties, which are then rarely rented or sold at affordable prices.
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