Lack of affordable housing is hurting our residents. It is time we change that.
Housing costs in Arizona continue to rise. For renters, this rise creates significant hardships. Affordable housing options are possible if lawmakers take the time to figure out what works.
Affordable housing is defined as households spending less than 30 percent of their budget on housing, including mortgages, property taxes, repairs, maintenance, and repairs and utilities. Each zip code will be different in affordability measures, but the goal is to ensure lower-cost housing options for people in those respective locations.
In 2017 alone, Arizona suffered a shortage of over 150,000 affordable housing units. The current crisis is only going to get worse without swift action. More people will end up homeless because of rapidly increasing housing costs. We have a moral obligation to address this epidemic and to help Arizona families.
This four-point policy plan is a good starting point to address Arizona’s affordable housing crisis.
Create 200,000, affordable housing units by 2025.
- Offer a 50 percent property tax reduction incentive to building owners with at least ten units that offer no less than 30 percent affordable housing units for a minimum of 25 years.
- Create housing innovation zones that use technology for housing development, such as a 3D home building.
- Set an annual fee of 2.5 percent per unit that is 25 percent more than the fair market rent for that area. The revenue generated would be exclusively dedicated to affordable housing development.
- Allocate $100 million annually to the housing trust fund focused on creating affordable housing.
Taking action on affordable housing is no easy task. Finding common ground solutions to support all Arizona residents is vital to our future economic growth. Making housing more affordable will encourage more business development and opportunities for increased economic activity.