affordable housing: post katrina presented by goodwork network
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Affordable Housing:Post Katrina
Presented by
GoodWork Network
Overview of Affordable Housing
What is Affordable Housing?
The generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing
Families who pay more than 30 percent of their income for housing are considered
An estimated 12 million renter and homeowner households now pay more then 50 percent of their annual incomes for housing
Overview of Affordable Housing
Why is Affordable Housing important, post Katrina?
Housing is the greatest challenge the City faces in its recovery
Housing is at the heart of all of the barriers to recovery
Overview of Affordable Housing
Teachers Janitorial staff Doctors Nurses Restaurant Workers
Cashiers Police Officers Hotel staff Fire Fighters Child care providers
Post-Katrina, who needs Affordable Housing?
Overview of Affordable Housing
Post-Katrina, who needs Affordable Housing?
Everyone
Overview of Affordable Housing
Realities of New Orleans Housing Market Depends on the program Depends on the applicant
Affordable Housing Options
Renting vs. Homeownership In most cases, it's better to buy a home than to rent. But not
in every case. Comparing buying to renting is actually a fairly complicated endeavor. Fortunately we can give you some quick rules of thumb. You should usually buy instead of rent except when:
– You intend to move within a few years– Your rent is very low (~ 2/3 or less of what your total
monthly payments would be for buying a house)– You don't expect to live more than another 15 years
Affordable Housing Options
Renting vs. Homeownership
Realities of Renting, Post-Katrina Higher Rents
Subject to owner’s whims No equity, no investment
Should the worse happen, not tied to property
Affordable Housing Options
Renting vs. Homeownership
Realities of Homeownership, Post Katrina High Insurance Rates
Predatory Lenders Responsible for Maintenance
Long term investment, an asset
Affordable Housing Programs
Selecting a homebuyer training program
Shop around Select a program that works for you Know your options
Affordable Housing Programs
Preparing for a homebuyer training program
Be patient Be realistic Be honest
Affordable Housing Programs
Selecting a Realtor
Yes, you do need a realtor Interview and determine their track record
Affordable Housing Programs
Good Investment Tips
Be a good neighbor Maintain your property Become a landlord
Affordable Housing:Post Katrina
Presented by
GoodWork Network