$1 million investment aims to boost affordable rental housing in Oakland County

Oakland County will allocate $1 million toward developing more affordable rental housing in its communities at a time when the U.S. continues to face a housing supply shortage.

The county announced the plans on Monday, saying it would use part of the annual funding from the U.S. Department of Housing and Urban Development to help build, acquire, rehabilitate and preserve affordable rental housing. 

“Increasing the stock of affordable housing in Oakland County is one of our strategic goals because it is key to keeping residents here and attracting new and younger people to the county,” Oakland County Executive David Coulter said in a press release. 

According to the county, the investment is part of the federal home investment partnerships program, and it will have a particular focus on factors like developing housing that is within walking distance to grocery stores, jobs and public transportation.

The county’s division of Neighborhood and Housing Development said the initiative will further its efforts to not only build affordable rental units, but also create “livable neighborhoods” throughout the county.

“We are again happy to offer gap funding for affordable rental housing developments," said neighborhood housing development manager Shane Bies.

Affordable housing standards are based on area median income. Housing units must have rental rates that are considered affordable for people making 60% or less of the median income, which is approximately $53,700 for a family of four in Oakland County, in order to qualify for the program.

“Being a welcoming community means that anyone who wants to make Oakland County their home should be able to have a safe and affordable place to live,” Coulter said.

Other recent investments in affordable housing in the county include projects like the Carriage House Apartments in Pontiac. The housing development is one of the city’s largest, and it was renovated with upgrades to the infrastructure, plumbing and HVAC systems.

According to statistics from Fannie Mae, the U.S. was facing a housing shortage of roughly 3.8 million units as of 2019, with the national mortgage association estimating that the shortage has increased further since the start of the pandemic.