Frank Farricker Outlines How to Make a Difference in Affordable Housing and Aiding Homelessness

Today, a staggering half a million people in the United States are considered homeless and 11.4 percent of the United States population is living in poverty.

With skyrocketing prices in the housing market and fewer rentals, many lower-income homebuyers are being pushed out of the market and into increasingly unaffordable rentals. Even when low-income or homeless individuals are able to find temporary housing, they have a difficult time finding a permanent and secure housing situation.

Frank Farricker, a commercial and multifamily real estate expert from Greenwich, Connecticut, examines what is being done to combat homelessness and build more affordable housing for low-income communities. He also points out how commercial real estate companies can help with these initiatives.

Combating Homelessness

While homelessness is a deeply concerning problem in American society, there is hope that it can be reduced and its effects on families and individuals mitigated through strong actions. Here are several aspects of combating homelessness that need to be addressed.

Housing

In order to fight homelessness, it makes sense that one of the primary goals is to increase accessible and affordable housing options. Homeless people need subsidized apartments where they can experience independence in gradual stages, like assuming the responsibilities of keeping a job, caring for their families, and paying attention to their health.

Commercial and multifamily real estate companies need to be encouraged to build nonprofit housing developments. They should be persuaded to accept lower government rates for reimbursement to promote community health and safety.

Career Help

Homeless people and those in transition often need help navigating the job market. Some people experiencing homelessness have worked in the past and have marketable job skills. Others may need comprehensive training before they can make it on the job market. It is also extremely difficult to apply for a job without a permanent address and legal state ID. Agencies geared toward helping the homeless guide individuals through these processes.

Comprehensive Healthcare

Healthcare is a huge piece of the puzzle when it comes to ending homelessness in the United States. Health conditions like addiction and mental illness often cause people to lose their jobs and their housing. When these conditions are properly treated, people experiencing homelessness are more likely to stabilize and be able to handle the responsibilities required to maintain an independent housing situation.

It is important that community health care organizations adopt sliding scales and accept Medicaid. They are in a unique position where they could provide services to their patients experiencing homelessness, especially in mental health services.

Education

Education is paramount when it comes to moving forward from homelessness. Many people who find themselves homeless have at least a high school education, but others do not. Education and GED programs in shelters could go a long way toward helping people get back on their feet. Basic study skills and organization should be included.

Crisis Response

Too often, mental health or drug addiction crises in homeless individuals are handled like crimes. Mental health crisis teams should be available to manage these situations in an effort to get homeless people proper treatment and stop the notorious court-jail-release cycle.

Additionally a criminal justice reform will help homeless people from being treated unfairly by the courts. Too often being unhoused makes people more likely to be the victims of crimes rather than being committer of crimes.

Promoting Affordable Housing

In addition to community initiatives and simply building enough affordable housing, many other steps need to take place in order to give low-income people a fair chance at turning their lives around.

Government Programs

There are many government programs available at the state and local levels that are intended to promote the building of affordable housing. These programs prioritize supplemental funding and ensure zoning preference.

Government programs that commercial and multifamily real estate developers can leverage include the Low-Income Housing Tax Credit, the Affordable Housing Development and Protection Act, and a wide variety of other programs put on by HUD and state organizations.

Promoting Housing Fairness for All

Frank Farricker understands that commercial developers are often skeptical about including affordable housing and constructing projects for the homeless. He believes that it is the responsibility of those with means to help to support the most vulnerable members of our society. Government initiatives can bring grants and preferential tax treatment to affordable housing projects.

Above all, Frank Farricker encourages other real estate professionals and builders to try to put themselves in the shoes of people experiencing homelessness. In today’s society, many people who believe themselves to be prosperous are only one or two paychecks away from homelessness themselves. A sense of tolerance and acceptance is necessary to treat homeless people with dignity and respect.

The commercial real estate industry needs to step up and take its place among companies and organizations that are working to address housing inequities. This will improve the nation’s economy and make our communities safer for everyone.