One of our top priorities in Oakland County is creating attractive, livable and walkable neighborhoods that include an expanding inventory of affordable housing.
The lack of affordable housing is a real problem in Oakland County. Nearly 45 percent of the county’s residents are “Housing cost burdened,” which means they’re paying at least 30% of their income on housing.
We won’t see continued growth in our population if people can’t afford to live here. So we are addressing that with the Housing Trust Fund to provide developers with low-interest loans or gap financing to include affordable options in their developments.
Our goal to close the gap got a boost last week with a groundbreaking at the Wellspring housing development in Southfield.
Projects like Wellspring are a perfect fit for the county’s Housing Trust Fund. It’s providing $2.6 million in gap financing that is helping make this project and the 72 units of affordable housing a reality. And, when finished, it also will provide a holistic environment for people in recovery, combining a welcoming, affordable place to live with the services and programs they need right on site.
Oakland County is committed to expanding the inventory of affordable housing in Oakland County as well as access to quality, affordable physical and behavioral health care for all residents. Wellspring seamlessly combines these two goals.
And that is just the latest project. The county’s Housing Trust Fund, which is so capably steered by our Neighborhood and Housing Development department, has provided resources for nearly a dozen projects that will add more than 700 affordable and accessible housing units in communities across the county. Two of those projects – Walton Oaks and Auburn Oaks in Rochester Hills – also have homes that are set aside for people with intellectual and developmental disabilities.
We’re so thrilled with the progress being made on this front that we added another $3.3 million to the fund for the fiscal year that began on Oct. 1.
Three of our eight strategic goals are championing Healthy Residents, fostering a Thriving and Inclusive Economy and creating Liveable Neighborhoods. It’s a pretty satisfying day when we can tackle all three at once.
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