The generally accepted definition of affordability is for

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Affordable HousingPost Katrina

• Presented by
• GoodWork Network

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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

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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

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Overview of Affordable Housing
Post-Katrina, who needs Affordable Housing?

• Cashiers
• Police Officers
• Hotel staff
• Fire Fighters
• Child care providers

• Teachers
• Janitorial staff
• Doctors
• Nurses
• Restaurant Workers

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Overview of Affordable Housing

• Post-Katrina, who needs Affordable Housing?
• Everyone

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Overview of Affordable Housing

• Realities of New Orleans Housing Market
• Depends on the program
• Depends on the applicant

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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

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Affordable Housing Options

• Renting vs. Homeownership
• Realities of Renting, Post-Katrina
• Higher Rents
• Subject to owners whims
• No equity, no investment
• Should the worse happen, not tied to property

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Affordable Housing Options

• Renting vs. Homeownership
• Realities of Homeownership, Post Katrina
• High Insurance Rates
• Predatory Lenders
• Responsible for Maintenance
• Long term investment, an asset

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Affordable Housing Programs

• Selecting a homebuyer training program
• Shop around
• Select a program that works for you
• Know your options

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Affordable Housing Programs

• Preparing for a homebuyer training program
• Be patient
• Be realistic
• Be honest

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Affordable Housing Programs

• Selecting a Realtor
• Yes, you do need a realtor
• Interview and determine their track record

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Affordable Housing Programs

• Good Investment Tips
• Be a good neighbor
• Maintain your property
• Become a landlord

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Affordable HousingPost Katrina

• Presented by
• GoodWork Network