Affordable workforce housing has always been in short supply because of the limitations of launching housing projects near workplaces. School teachers, nurses, health workers, police, and people in similar professions constitute the middle-income workforce that wants to find some accommodation at affordable rent at locations that reduce the commute to work, explains Maxwell Drever.
However, buying or renting houses near the workplaces is always very challenging for the middle-income workforce partly due to affordability and a limited number of housing units. As a result, many middle-income workers are moving to the fringes of their workplace. It increases their hardships due to a long time for commuting to work, which increases the costs.
The role of the private sector in affordable housing
The Housing Act of 1949 turned the focus on affordable housing in the US. The government actively engaged in providing affordable housing by constructing multifamily units as part of public housing schemes. Until the introduction of The Housing and Community Development Act of 1974, the government’s supply-side measures seemed enough to cater to the demands of the middle-income workforce. After that, a sharp increase in the demand was too much compared to the government’s initiative to build and maintain housing. Soon there was a shift in policy that started encouraging efforts by the private sector in creating affordable housing. The government shifted from building houses to providing subsidies and vouchers to low-income groups who could use them in the private markets.
The government’s move was an invitation to investors like Maxwell Drever, who pioneered private participation in building and maintaining affordable workforce housing.
A crucial role of real estate investors
As soon as the government signaled the entry of private investments in the affordable housing segment, many visionary real estate investors like Maxwell took the plunge and created history as one of the largest and earliest buyers of multifamily units. The name became synonymous with affordable workforce housing as the company formed by Maxwell became a leading name among middle-income workers and investors who put in their funds for building affordable housing.
Maxwell’s strengths
Maxwell has always worked to strike the perfect balance by meeting the expectations of workers searching for affordable housing and the investors who helped him build houses for renting out to the middle and low income workforce. Maxwell founded his own company that set high standards in building affordable workforce housing by following stringent due diligence to achieve the goal. With the expertise of an experienced construction team, he set the industry’s benchmark with exemplary best practices.
Having been in the business for more than 50 years, Maxwell has been a name to reckon with in the affordable housing sector and has helped thousands of workers achieve their dream of staying close to their workplace by paying affordable rent.
The Covid19 pandemic has provided an excellent opportunity for both real estate investors and the workforce. There has been a spree of converting hotels into affordable workforce housing that should help reduce the gap in demand considerably.
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