Bakken Workforce Housing - Essential For Workers - Real Estate - Construction

Bakken Workforce Housing - Essential For Workers   by Michealjames

in Real Estate / Construction    (submitted 2013-03-29)

In the world of affordable housing, Bakken workforce housing may be overlooked by some, but it is held by many people. Those people, who are working in the service sector, for them this type of housing are necessary, but often low wages, you must have access to housing they can afford. Teachers, police and firefighters often require too. Find the money for such projects can be difficult, but not impossible. While developers cannot consider them an option for low-income housing tax credits (LIHTC) can be used for projects that include the unit price of labor, if the conditions are met.

Generally, "affordable workforce housing" is generally defined as a limited income, making it accessible to people who earn between 80-120 % of the average size of annual income (AMI). In some communities, it is not an unachievable goal because the average cost of a residential dwelling is already low. Or are low enough that the construction of some of the lowest prices, rent restricted units not prevent a project financially viable. However, the most expensive real estate markets, income disparities between the largest service sector and the average price of a home can make viable LIHTCs. Ten Fifty B, a project of San Diego, is one of the excellent examples. In this case, the tax credits were used to build a mixed-use development with apartments priced for people who earn less than 80% AMI.

Most of the workforce housing projects of the working population in California are sold well because there is a large gap between the income of the service sector and housing prices. Community Development Grants (CDBG block) are another option for developers interested in housing projects for workers. Controlled by the state and local CDBG are more flexible and allow the development of a wide range of low-income housing. Similarly, the Investment Partnership Program house also has greater flexibility. Although CDBG has maximum income requirements, Bakken workforce housing in the most expensive markets may be eligible. Local authorities can also offer creative options.

For example, the space above a library is provided to a programmer in Oregon became the housing 47 units of work. The local and municipal authorities who are committed to providing a variety of accommodation options are willing to work with developers to find unique solutions. Some are even willing or may have to sell land at very low prices. Developers, who are interested in housing projects for workers should refer to the HUD LIHTC, CDBG Program and the Home Investment Partnership. Consider contacting the local government offices in the cities of interest too.