Cities across the U.S. are searching for new ways to add affordable housing stock to their lagging inventories for low- and middle-income residents as wages fail to keep pace with soaring rental and home prices.
Some major metros are getting creative in how they deliver such properties. New York City is poised to convert a former Metropolitan Transportation Authority bus depot in East Harlem into a 730-unit, income-based affordable housing complex. In Chicago, three new projects are underway that will co-locate public housing and public library branches to better connect low- and middle-income housing with their local communities.
Earlier this year, a $33 million residential building opened in Washington, DC, with 60 of its 124 one-bedroom apartments reserved for homeless veterans and the other 64 labeled as affordable and low-income units.