Help the Renters, Too
For years, cities have struggled to help lower-income Americans find affordable housing. Many housing assistance programs approach this problem through making home mortgages more affordable. However, a new test program in Montana addresses an underserved area of the housing market – affordable rental homes – by making loans to help people move in.
To complement their efforts on homeownership, the Great Falls, MT, chapter of NeighborWorks America is trying out a "Ready to Rent" program to address low-income renters. This program targets those who need a bit more financial assistance and education to get them out of poor rental situations.
Landlords Taking Advantage
The target consumers have enough income to afford a better rental home but can't save up the necessary upfront money (security deposit and initial month's rent). In the meantime, they may settle for shady informal rental arrangements.