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