Strengthening Communities through Workforce Housing
This week, Terwilliger & Bartone partnered with The Long Island Housing Partnership to offer a lottery selection for eligible residents seeking Workforce Housing apartments at the newly opened Cornerstone at Hauppauge, a 98-unit luxury active adult residential community centrally located at 135 Stonehenge Lane in Hauppauge. Ten percent of these luxury new residences were offered as active adult Workforce Housing, which is a term that, at times, can create confusion as it is introduced as an offering in local communities but serves a critical purpose.
What is Workforce Housing?
Workforce Housing is an offering intended to make residential options more affordable to the workforce in Nassau and Suffolk Counties. Eligibility for Workforce Housing generally includes those at earning a certain percentage of the Area Median Income (AMI) who could be overqualified for affordable housing yet may be priced out of the average market-rate residence on Long Island. This program has benefited essential community workers such as our hardworking DPW workers, emergency responders, private school teachers, firefighters, 9-1-1 dispatchers, persons with disabilities and others.
Why is Workforce Housing Important?
Housing affordability is a function of housing prices and household incomes. When the gap between these two factors widens, it can become challenging for all levels of income to live near where they work. Moderate income workers are essential to a strong, flourishing economy, and workforce housing offers new options to prevent members of the community from having to relocate to find more affordable housing. Most federal subsidies and tax credits serve residents below the AMI, so Workforce Housing offerings help respond to this critical need by filling the gap.
How Can We Support Housing Variety to Strengthen Long Island Communities?
Supporting smart growth development, particularly transit-oriented multifamily development, offers housing variety in high demand by empty nesters and young professionals. Both market-rate and Workforce Housing apartments add affordability when homeownership may be out of reach, and locating these residential communities close to downtowns and transit creates a low traffic generator that will support commerce and economic development locally for years to come.
To learn more about The Cornerstone at Hauppauge, please visit www.thecornerstonehauppauge.com