Most Americans cannot afford median rent prices due to inflation and an insufficient supply of affordable housing.
Homeowners and renters alike are struggling with high housing costs due to inflationary pressures, an inflated housing market, low supply, and demand for affordable housing, as previously covered in The Dallas Express.
The City of Fort Worth announced at a press conference on Tuesday some good news that should help it tackle the affordable housing crisis it is facing.
Here’s some of what the Fort Worth Report, which attended the press conference, had to say:
The U.S. Department of Housing and Urban Development has awarded Fort Worth $5 million in grant funding to combat the city’s affordable housing crisis, city leaders announced at a press conference July 2.
“Today is a huge opportunity for us,” Mayor Mattie Parker said. “We know that in Fort Worth, over one-third of our households in our city are burdened by high housing costs. One-third. And it’s a challenge that we’ve committed to as a city.”
The funds are part of HUD’s Pathways to Removing Obstacles to Housing program, a new initiative aimed at providing money to communities with a track record of addressing local housing barriers. Fort Worth, the only city in Texas to receive funding from the program, received the third largest amount of any grantee nationwide.
“We’re trying to improve affordable housing preservation and production,” Candace Valenzuela, the southwest regional administrator for HUD, said. “So some of those boring, unsexy things that are difficult to fund, this is for that.”