We at Verde Communities define workforce housing as residential apartments for active growing families with school-aged children, working parents, and hardworking tenants of all ages. We also welcome and appreciate our residents who are retirees.
In earlier years, workforce housing traditionally meant serving families and individuals who earn between 80 and 120 percent of Area Median Income (ARI). Historically, workforce housing served tenants working in a few industries such as hospitality and retail. Given the economic downturn of 2008 to 2012, today our tenants serve in many industries including construction, landscaping, medical, custodial, office administration, food service, and government. We also have tenants with professional careers such as teachers, nurses, flight attendants, firemen, police and emergency first responders.
From preserving quality of life and reducing traffic congestion to improving emergency response times, it’s important for people to be able to live near where they work.
Over the past decade, particularly in higher-cost markets, this has become challenging. Stagnant wages and tighter underwriting standards have reduced the purchasing power of working and middle class households. This has increased the demand for rental housing, while policies such as zoning and regulation constrain rental supply and increase market rents.
We at the Verde Communities believe it is vital to serve the housing needs of essential workers in our communities. We continually seek to develop ways to provide housing that is affordable to the people who are gainfully employed and earning between 60 percent to 120 percent of Area Median Income.
A key mission of Verde Communities is to ensure the continued availability of workforce housing for our tenants and our communities. The American economy depends on hardworking people who live on our properties and similar properties all across the country. We encourage our tenants’ industry and hardworking qualities and appreciate the opportunity to provide safe, comfortable, and family oriented places for them to live.