Affordable homes and rental properties are in high demand, but short supply. Too many consumers are spending far too much on rents, mortgages and utilities.
The rising price of new housing developments is one part of the problem. In 2017, Fannie Mae estimated the average cost of building a one to three story apartment to be $192 per square foot, a 30% increase from 2013.
Banks understand that affordable housing requires more than making a loan. It takes flexible capital and cooperative relationships with consumer groups, nonprofits and government agencies to foster community development.
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