of Section 8 Housing Vouchers finds that total costs of the program to society annually are approximately $6,812–$7,052 per person, while benefits to society are $7,700–$9,642 per person. 75 This means that society receives a net benefit of $648–$2,830 per person by preventively providing safe and affordable housing and thus reducing social service costs. These benefits are reflected in reductions in social services, increases in employment and tax revenue, and greater stan- dards of living for a community, which attracts more investment and perpetu- ates a positive growth cycle. Studies estimate that about 29% of Americans are low income, or about 93 million Americans. Assuming from national trends that most, if not all lower income individuals and households face one ormore affordable housing difficulty that can be addressed through government intervention, either through housing or voucher assistance programs, the net benefit of affordable housing to society ranges from $60 billion to $263 billion annually. Though further research should directly link costs and benefits of housing to government spending, rough esti- mates are clear that the fiscal benefits of affordable housing alone are significant.
When George found himself in credit card debt, he knew he needed tomake a plan. Thankfully, George lives in a building with an Operation Pathways resident services coordinator. Together, George and the resident services coordinator sat down and came up with a budget and payment plan. George is still working to pay off his debt, but with a resident services coordinator to check in with and a plan to keep him on track, George feels confident he is now in control of his debt and making the best decisions for his financial future! George said, “It felt great to tell resident services that I paid off a portion of my debt with their help.”
26 Pay for Success & Affordable Housing | Stefano Rumi
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