A new initiative in Hartford looks to housing aid
For some people, housing vouchers provide stability by bridging the gap between what they can afford to pay and what rent costs in their area. But, is there a way rental assistance can better help people in Connecticut?
That’s what a new pilot wants to find out. The City of Hartford, Liberty Bank, the Mutual Association of Greater Hartford, and The Connecticut Project launched the HCV Homeownership Pilot this month to see if letting people use vouchers to pay for a mortgage can provide greater stability.
Many renters feel like they’re stuck renting. Renters are a growing population in Connecticut, and not all renters want to stay where they’re living. About half of renters polled said they want to own a home, but are worried they’ll never be able to afford it, according to a survey from The Connecticut Project Action Fund.
For renters who want to own a house, home ownership can provide more stability because they don’t have to worry about a landlord selling the building, unexpected rent hikes, or a no cause eviction. Stability is feeling safe in your home, knowing you can stay near friends and family, and that children won’t have to leave their schools if you’re unexpectedly forced to move.
A home also is a form of wealth building that can benefit generations of a family. For years, Connecticut’s housing system has shut out many working class Connecticut residents from home ownership, and all of the wealth-building that comes with it. This is especially true for Black and Latine residents, through exclusionary practices like redlining, capital and zoning barriers, and racial restrictive covenants. Connecticut has one of the largest racial homeownership gaps in the country.
As part of the pilot, matched savings accounts/individual development accounts will also help people save for a downpayment and home repairs. That way people can buy a home, but also aren’t forced to move if there’s an emergency.
Housing vouchers are a proven way to help people keep a roof over their heads. But, very few people currently use them to afford mortgages. By using the money someone would on rent to instead buy a home, vouchers may be able to provide greater stability for people who use housing aid.
Connecticut has to make housing more affordable if people are going to live, work, and thrive here. The status quo isn’t sustainable. The state needs to test out innovative approaches like Hartford’s pilot so that we can find solutions to the housing crisis.