History

In 2008 the United Way of the Greater Seacoast conducted a needs assessment of the "Area's Most Pressing Needs". Affordable Housing was identified as the #1 issue facing the 45 cities and towns that make up the UWGS catchement area. The Seacoast region has one of the least affordable housing markets in the country with current median home prices in excess of $347,500. Only one-half of the homes in the region are affordable based upon the area's median household income of $80,000 for a family of four; the median income for a single mother is $28,000. Secure housing is simply out of reach for many individuals and families in our community whose financial stability is burdened by the very high cost of housing.

The rapidly shrinking pool of affordable housing is driving young families away from the Seacoast region and is likely to cause a significant rise in homelessness. More and more workers in this region have to spend more time commuting longer distances, taking them away from their families and their community. Employers face difficulties in finding and retaining workers who can afford our housing costs. The additional wages required to allow the employee to live in the area strain already limited resources for small employers and often the "budget is balanced" by doing away with health insurance coverage.

Historically, social service efforts have focused on helping individuals and families "get by" rather than "get ahead". One in four area homeowners, and one in three area renters, are "housing cost burdened" spending more than 30% of their income on housing. In general, non-profit agencies, developers and municipalities have been ineffective in making true strides to providing safe, decent, affordable housing. We have decided that the real solution lies in our hands. We are joining together to make a real and lasting difference for our neighbors and for the good of our community.

All of our organizational documents have been drafted so that any other group wanting to follow our model can easily adopt them. We have made available, at no cost, our rental application, lease documents, Memoranda of Understandings, cash flow templates, Mission and Aspirations Statement, Articles of Incorporation and By-Laws. Imitation is the sincerest form of flattery. We are challenging our associates, friends, colleagues and peers to find buildings that they can purchase and commit to being housing that is affordable for the area's workforce.

As a longer term plan, we seek to convert some of our buildings into condos, or purchase buildings specifically for this purpose. The idea is that by controlling renovation expenses and seeking only to cover costs we can offer a two bedroom, renovated, condo for $180,000 or less. This allows an existing resident an option to purchase at an affordable rate thereby entering the real estate market and beginning to "fish". Whenever possible we assist the new homeowner in accessing the mortgage monies available through the state housing authorities. This allows for a lower down payment and a lower interest rate over the mortgage term. To date we have had three tenants break leases to purchase homes. We know this model works and the statistics bear this out. Three new homeowners in just 21 months of operation; we are enormously proud of our part in helping these folks secure permanent, affordable housing.