New Construction, Development
New Construction, Unit
Newly constructed units are also planned and built specifically for affordable housing, however these units (either single occupancy or family) are usually a part of a larger mixed-income development either in the form of single-family homes, or apartments.
Existing developments can be renovated and adapted to become affordable housing. Often these are existing, market-rate apartment complexes that may be deteriorating, but may also include adaptive reuse strategies using old schools and abandoned office complexes.
To join a co-op, you must become a member of the co-op, and a shareholder in the corporation that owns the property. In this way you are qualified to occupy one unit within the property. Each member makes monthly loan payments on their share, instead of a mortgage or rent, and is also partially responsible for the maintenance of the building.
Co-ops are often less expensive than traditional apartments because the pooling of the members’ resources leverages their buying power, which lowers the overall cost to each individual.
Cohousing is a type of collaborative living community where residents have separate living quarters but share common spaces such as kitchens and yards.
Transitional housing acts as an in-between residence for people experiencing temporary homelessness. This may include people recovering from health problems, children transitioning out of foster care, and persons transitioning out of incarceration.