With rising rent and economic pressures in recent years, the importance of affordable housing cannot be understated, especially for our communities here in Wisconsin. In this article, we’ll explore why affordable housing matters and the many benefits of providing stability for our local communities. 

Why Affordable Housing Matters: A Solution to Housing Insecurity

Affordable housing is a subsection of housing that refers to properties where government agencies provide rent assistance or developer incentives. This unique, government-supported housing option allows individuals or families with specific income requirements to enjoy a lower rental rate. While there is a stigma surrounding affordable housing, its presence in communities makes a difference, and it matters more than we may think.

Not only do families and individuals benefit from these lower rental rate options because they save money, but they can also focus on other important issues in their lives, such as education, work, and even health, rather than worry about housing insecurity. In essence, when done right, affordable housing limits housing insecurity and gives people the stability they need to thrive. However, there are also other community-wide benefits. 

The Benefits of Affordable Housing: How It Helps Communities

It’s clear that there are benefits for individuals and families, but there are also impacts in the community due to the presence of government-funded affordable housing. From a boost to the local economy to community revitalization, let’s look at some of the benefits of affordable housing:

• Contribution to the Local Economy: If residents don’t have the resources to become active consumers, they won’t contribute to the local economy. However, with affordable housing, individuals who qualify for these properties have the means to save, invest, and contribute to the local economy, leading to community-wide effects.
• Support for the Workforce: Providing affordable housing—especially for qualified essential workers like teachers, police officers, and servers—can reduce commute times and give them a better work-life balance. This can have a noticeable impact on community involvement and neighborhoods. 
• Community Revitalization: Urban decay and other challenges can sometimes make neighborhoods less appealing and potentially unsafe. However, options like luxury affordable housing supported by federal programs can help revitalize communities, reduce urban decay, and create vibrant, sustainable communities for the future. 
• Social Equity: Finally, affordable housing can limit social inequality. By bridging gaps and offering quality housing for low- to moderate-income families, social equity is boosted, and everyone benefits from having a safe, high-quality, affordable place to start or raise a family. 

Promote Stability in Your Community with Affordable Housing

Despite its stigma, affordable housing offers many benefits beyond the extra money in people’s wallets every month. It is an opportunity for the government to support the local economy and workforce and revitalize key neighborhoods that might be subject to urban decay. By investing and working with federal agencies to provide high-quality, affordable housing, families and individuals can live better lives. Visit our website today to view our available properties or to inquire about partnering with our company. 

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You’ve likely heard of luxury housing and affordable housing, but have you ever heard of luxury affordable housing? Today’s blog breaks down our innovative initiative to provide income-restricted, affordable housing to our community, with the benefit of a luxury lifestyle and all the bells and whistles offered in non-affordable communities.

In every organization, there is a passion, and at WMC, it's championing affordable housing. At WMC, we create, preserve and provide valuable affordable housing that transforms and empowers communities. From revitalizing existing communities, recently including the Grand Re-Openings of Summit Apartments and Cuba City Apartments, to the development of brand new communities, such as the upcoming developments in Lac du Flambeau and Lancaster, WI, we remain committed to meeting the growing demands for affordable housing.

What is Affordable Housing?
There are several federal programs that provide financing for the development of affordable or workforce housing such as HUD, USDA-RD, and Section 42 of the IRS Tax Credit Code. When we use the term “affordable housing”, we are referring to properties that fall under these umbrella terms where governmental agencies provide developer incentives or rent assistance/subsidies. What this means is that if individuals or families meet the income qualifications for housing built under these programs, they may qualify for a reduced rental rate, or maybe even a contribution towards their payment every month. Learn more about general affordable housing, here.

So where does “Luxury Affordable” Housing fit into this?
Luxury Affordable Housing is communities using Tax Credits and may also be called “Workforce Housing”. These communities are built to appear the same to prospects and passers-by as luxury housing as they are built with upscale finishes and amenities including, for example, stainless appliances, luxury vinyl plank flooring, in-home laundry, underground parking, fitness centers, community rooms, and more. Individuals and families who will potentially be eligible for these communities will typically be subject to income restrictions ranging from 30 to 80% of the county median income. You might be interested to know that many vital jobs fit into these ranges, including school teachers, daycare workers, police officers, firefighters, customer service representatives, restaurant workers, and more. Check out these Luxury Affordable Communities WMC has recently opened with developers under this category, including The HighLine, The Madisonian, and Park Cedar Apartments.

Regretfully, Affordable Housing often comes with a negative stigma. The assumption is that affordable properties are only located in undesirable neighborhoods, and are not well cared for or professionally developed, or managed. Similarly, Luxury Affordable Housing may be assumed to be expensive yet challenges both of these objections, as those who make it their home enjoy high-end accommodation with all that non-affordable properties have to offer, while still gaining government assistance to go towards their rent.

WMC is proud of the team commitment we foster to make Affordable Housing and Luxury Affordable Housing accessible and sustainable in many regions throughout Wisconsin and northern Illinois. If you have any questions about luxury affordable housing or want to know if you qualify, reach out to us!

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WMC is proud to bring more rural affordable housing into the future! This summer, we celebrated the grand re-opening of Cuba City Apartments in Cuba City and Summit Apartments in Barneveld!⁠ We were honored to have Julie Lassa – USDA Wisconsin Rural Development State Director, Fernando Escobar – Commercial Lending Officer at WHEDA, Russ Kaney – WI-CARH President, Chris Jillings – Senior VP of Business Development at Cinnaire, and John Van De Wiel – Mayor of Cuba City, join us to celebrate the work that was completed in both communities.

In the links below, we share the changes we made, what it means to our residents, and why affordable housing is so important in our rural communities.

Through the support of our many partners, we were able to accomplish all of these renovations at both properties: ⁠

• New roofs, gutters, soffit, fascia, sidewalks, and parking lots
• New lighting, ceiling fans, appliances, microwaves, cabinets/countertops, plumbing fixtures, doors, trim, hardware, and flooring⁠
• The addition of two Americans with Disabilities Act (ADA) units and six Universal Design Units⁠
• A new ADA accessible community room and bathroom, and updated laundry areas⁠
• An additional television tower for free over-the-air television for all apartment homes and the community room⁠
• Free wireless internet to all apartment homes⁠

It's exciting to see these communities get a new lease on life and the residents who live in them a "new" home! Thank you to all who were involved.

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