Four Decades to Build 70,000 Affordable Homes? Count That as a Success.
In 1975, New Jersey’s Supreme Court ordered every town in the state to make way for multifamily housing. It’s been a long journey. Read the full article here.
Silver Spring’s Once-Vibrant Downtown Is Stuck In The Past
In late October, Denizens Brewing in Silver Spring poured its last beer of the night for the final time. The suburban Maryland staple had served craft brews for a decade, but when its lease came due, founder Julie Verratti decided she wasn’t willing to commit to another 10 years.
She says her decision to close was fueled by uncertainty — about the neighborhood, about the economy and about consumer behavior. Her uncertainty is a symptom of a larger plague spreading across Silver Spring, where a once-vibrant downtown commercial district is now lined with vacant storefronts and half-empty office buildings. (Full Article).
Gen Z Is Staying In Apartments Longer. Young Developers Might Have A Leg Up In Catering To Their Peers
Jamauri Bogan, a 28-year-old developer in Kalamazoo, Michigan, has a pretty simple strategy for finding out what young apartment tenants want. He calls his friends.
Although the college running back-turned-multifamily developer hopes to avoid calls from his friends about broken sinks and other snafus at his properties, Bogan welcomes feedback about the next steps for his business. Read here.
Lowe’s Foundation Makes Another Big Investment in Skilled Trades Training
The Lowe’s Foundation recently announced nearly $8 million in Gable Grants to a second cohort of community and technical colleges. Since awarding its first grants one year ago, the foundation has assisted in expanding skilled trades career pathways through its growing network of 35 community colleges and nonprofits in rural and urban communities across 27 states. Read Full Article.
Developers break ground on affordable housing project on East Patrick Street
A developer has broken ground on a new affordable-housing development on East Patrick Street. The development, called Overlook East, will include 85 units across three buildings and have capacity for more than 300 people. Scheduled to open in late 2025, it is meant to serve people and families making up to 60% of the area median income. Read more.
The Next Real Estate Trend: ‘Silver Squatters’?
Middle-aged Americans, part of Generation X, say they will need to rely on family for housing help in retirement (but they haven’t told them yet!). Young adult children have spent years relying on funding from the Bank of Mom and Dad, and now their parents say they may soon need to mooch off of them. Read the full article here.
Election-Year Uncertainty Slowing Affordable Housing’s Progress, Advocates Say
Although affordable housing has gained a previously unheard-of amount of visibility at the federal level over the last few years, the realities of Washington, D.C., are tossing cold water on activists’ hopes for quicker change.
The increased attention has not yet translated into action on the bold changes to the funding, creation and preservation of affordable housing nationwide that the sector needs. And with a looming election taking up all the air in most rooms, the wait is likely to stretch even longer. Read more.