Communities that combine all three approaches have more success in creating thriving neighborhoods than those that only address one aspect of the problem. To increase its supply of affordable housing, a community must develop long-term partnerships with a wide range of organizations, including financial institutions, federal, state, and local government agencies, and nonprofit organizations that assist people who are seeking decent shelter. Building affordable housing usually requires multiple funding sources and substantial subsidies. Communities should pay close attention both to the quality of the construction and the management of the property once construction is complete. The creation of poorly built and mismanaged properties obviously is not a long-term solution to a shortage affordable housing in any community.
Home ownership is a critical way that people build assets by increasing their equity in their home.
Homeowners can borrow against their equity to pursue opportunities such as financing a new business or to sending their children to college. Financing programs to increase home ownership involves developing multiple funding sources. Many programs subsidize down payments since coming up with a large cash sum is a frequent barrier for first-time buyers. Long-term solutions to homelessness address the problems that caused people to be homeless in the first place. Successful programs meet people's immediate need for decent shelter while helping them address complex personal and financial issues, including unemployment, substance abuse, and domestic violence.