This type of housing bridges the gap between subsidized or low-rent housing and traditional owner-occupied homes that are out of reach for many working class and lower middle class families.
It is also known as “workforce housing.” According to the South Carolina Community Loan Fund, this is “a term that is being increasingly used to describe housing that is affordable for households with an earned income that is insufficient to secure quality housing within a reasonable proximity to a workplace.”
Lori Trainer as told to Multifamily Executive
SC Community Loan Fund
“Workforce housing will offer more choices for working-class residents, including those who might think homeownership is impossible,” says Navigate Affordable Housing Partners CEO Lisa McCarroll.
These residents have occupations that are vital to our communities: teachers, fire fighters, nurses, police officers, retail etc. And while many of them will work and serve right in the heart of our communities, they cannot afford to live there. Workforce housing or “missing middle” housing is not “affordable housing” as some might think, but it is “housing that is affordable” to a segment of our population that is being squeezed out when it comes to homeownership.