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closing the
[ workforce housing gap ]
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The GAP
Workforce housing developments are complex projects that rely on funding from multiple sources. Unfortunately, even when accounting for incentives and other funding sources, the below-market rental income from workforce housing generates insufficient revenue to cover construction, management, and maintenance costs. The resulting gap is typically $3–4 million. Unless this gap is filled, developers cannot afford to take on these projects.
Twin City Housing Capital aims to close this funding gap with support from the community, to make these projects financially feasible.
What is Workforce Housing?
Workforce Housing is affordable, conveniently located housing for individuals with low to moderate income. Since the specific dollar range defined as Workforce Housing varies, it is measured as a percentage of Area Median Income (AMI). TCHC is focusing on housing designed for Forsyth County workforce residents earning between 30% and 60% AMI. Per Housing and Urban Development (HUD), housing should comprise a maximum 30% of household income. So a family earning $46,200 should be spending no more than $1,155 per month on rent. A modest 2-BR apartment in Winston-Salem can run $1,500 per month.
Joe's Story
Joe works as an orderly, transporting patients around a local hospital and assisting staff with patient care. His wife cares for their two children and works part-time at a bank. Their combined monthly income is approximately $3,550.
Because the rent for a 2-BR apartment (utilities not included) in Winston-Salem is approximately $1,200/month, Joe and his wife rent a mobile home in an adjacent county and commute to work.
At the height of the pandemic, Joe began sleeping in his car at the hospital to protect his family from COVID. Now he sleeps in his car a few nights a week to save money on gas and car repairs. A friend in the hospital cafeteria looks out for Joe and passes him leftovers. His friend also has had to sleep in his car at times and understands the pains associated with the lack of workforce housing.
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We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all — regardless of station, race, or creed …Among these are… the right of every family to a decent home.”
—Franklin D. Roosevelt, State of The Union (January 11,1944)
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Contact Us
Twin City Housing Capital is a community-driven nonprofit 501(c)(3) organization. To reach us, please use the contact form. Since we are a volunteer-led organization, we appreciate your patience with our reply time. Thank you!
Twin City Housing Capital
PO Box 20773
Winston-Salem, NC 27120