Thoughts from Housing Diversity Corporation
Hi everyone, my name's Jack, and today, we at Housing Diversity Corporation (HDC) are more than excited to announce that we’ve brought on our new COO, Ben Weagraff. We wanted to share some insights about Ben and what he envisions for his new role at HDC. What was the...
What’s the Problem?
The problem of housing for moderate-income and below is two-fold. Firstly, major urban cores are suffering from an affordability crisis. Residents in these areas earning 80-120% AMI (considered moderate-income) who want to live within 15–20 min of work are being priced out of the country’s urban centers. Those who embrace living in these areas will often spend more than 40% of their income on rent. Rising student and credit card debt, coupled with consumer debt at all-time highs, means a market-rate apartment averaging $2500-3200/month is not sustainable.
Opportunity Zone investments remain very attractive to investors and are often seen as a hedge against market uncertainty. As the Opportunity Zone program matures, we are seeing growth in the amount of capital invested in QOFs. We are also seeing a re-affirmation of the need for Opportunity Zone projects to meet social impact goals.