Greensboro Affordable Housing

Beginning construction early this summer, the city of Greensboro's Affordable Housing Management plans to create 16 new affordable apartment units for households "at or below 30% and 50% of Guilford County's median income.

These units are for people and / or households who are or are at risk of experiencing homelessness in the Greensboro area. 

In Greensboro, on any given night, there are 657 people experiencing homelessness according to the National Alliance to End Homelessness. 

The North Carolina Housing Finance Agency approved $43 million in funds for developing these new apartments to try and reduce homelessness. Along with the development being built in Greensboro, there are 11 more being built over the state in places like Wilmington, Fayetteville and Sanford (North Carolina Housing Finance Agency, 2023).

In theory, this sounds like a solid plan to combat homelessness in a busy city. In reality, there is a lot more that goes into these decisions that not everyone is thrilled about. 

Where is this funding coming from? Is it a grant from the government, a check written with no strings attached, just with the intention to help people?

Or is it coming from the taxpayers' dollars?

There are settlements being built all over the state. How far can $43 million go if it's being spread into more than 11 cities?

The plans are good on paper. They outline the cost that the residents will be paying for their apartments in the development, the cheapest being $187 for a one bedroom / one bathroom, and the most expensive being $869 for three bedrooms / two bathrooms.

There are price ranges in between those, but the general gist is that it should be affordable.

But what happens when inflation hits? Will the costs for these apartments go up after residents have already moved in?

According to the Bureau of Labor Statistics, in the last 12 months, the CPI (Consumer Price Index) for all urban consumers rose 3.4%.

Once all the funding money has been spent building these homes, paying for the land, pay for appliances and furniture, their income relies on the payment of families who are being given housing at a very cheap cost because that is all they can afford. 

After a few years of residence, will those prices go up? Will inflation defeat the purpose of these settlements?

And will these individuals or families find themselves back on the streets because they are unable to pay for a housing units that was supposed to be their saving grace?