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.
Co-housing 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.