In addition to new apartment construction and operations, the analysis also includes the impacts of new household spending. Affordable housing alleviates households overburdened by rent, offering units below market rate rents to individuals, families, and seniors who are income restricted. These households gain additional money that would have otherwise gone towards housing cost to provide other household needs such as food, transportation, utilities, and personal services. This is new money spent in the local economy that support local jobs and generate tax revenue.
The assessment indicates in total, both construction and operations will create nearly $5.4 billion in economic activity over the course of construction and 30 years of operations.
To review the entire assessment: