New partnership launched to combat Arizona’s affordable housing crisis
PHOENIX (3TV/CBS 5) - Home prices are up. The cost of renting is, too. “People are being priced out of how much they can afford,” said Howard Epstein from the Arizona Housing Fund. “It’s a growing problem. As of a couple weeks ago, there were about 11,000 people who were either living sheltered or unsheltered who have their name on a list to get permanent housing.”
To combat the affordable housing crisis, the organization is launching a new partnership with rental communities in Arizona to raise money for affordable supportive housing in the state. “The fund will be granting dollars to our great non-profits around the who build and operate permanent supportive housing, such as UMOM, Catholic Charities and Native American Connections.
NexMetro is the first company to sign on, donating $5 from every application fee they receive. Their renters will also be able to round up their rent to contribute to the fund. “We’re all passionate about housing and making sure people have housing,” said Josh Hartmann, the CEO of the company, which has 17 communities across the state with 3,000 rental homes. “The $5 application fee could raise between $20,000 to $30,000 a year just in Arizona,” Hartmann said. “What I liked was it’s a recurring revenue source. It starts out small and can grow over time.”
The Arizona Housing Fund is expecting that growth, calling on rental communities around the state to join in. “There are several hundred thousand apartments around the state and the financial impact of getting most of those to partner with us would be significant and just tremendous for the fund and our citizens,” Epstein said, noting the long-term goal is to raise $100 million over the next 10 to 15 years.
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