Affordable housing preservation refers to the proactive efforts to maintain and protect existing affordable homes for low- to moderate-income individuals and families. Instead of focusing solely on building new affordable units, preservation emphasizes keeping current affordable housing stock from being lost due to market forces, neglect, or redevelopment.
What TDA does to support affordable housing preservation:
- Extend Affordability Periods: Many affordable housing properties are bound by affordability agreements that expire after a certain period. Preservation ensures these homes remain affordable beyond their original terms through policy advocacy, refinancing, or restructuring deals.
- Prevent Displacement: Preservation helps keep long-term residents in their homes, preventing displacement due to rising rents or gentrification in rapidly developing areas.
- Rehabilitate Aging Properties: Preserving affordable housing often includes rehabilitating older buildings to ensure they remain safe, functional, and energy-efficient while keeping them affordable for residents.
- Safeguard Community Stability: By maintaining affordable housing, preservation efforts protect the social and economic diversity of rural areas, helping communities remain vibrant and accessible for everyone.
Sustainability through Solar Energy:
Adding solar energy to affordable housing involves integrating solar power systems into homes designed for low- to moderate-income families, bringing both environmental and financial benefits to residents and communities. This process goes beyond simply installing solar panels—it’s about creating sustainable, energy-efficient living spaces that reduce utility costs for residents and promote long-term environmental stewardship.
TDA supports solar on affordable housing to:
- Lower Energy Costs for Residents: Solar energy provides a clean, renewable source of power, significantly reducing or even eliminating electricity bills for residents. This directly increases household affordability by lowering overall living expenses.
- Environmental Impact: Solar installation helps reduce carbon emissions and reliance on fossil fuels, contributing to a cleaner, more sustainable environment. Affordable housing developments with solar systems help communities reduce their carbon footprint and promote green living.
- Energy Equity: Incorporating solar into affordable housing ensures that low- to moderate-income families have access to the same energy-saving technologies as higher-income households, promoting greater equity in the transition to renewable energy.
- Resilient Communities: Solar energy systems can provide backup power in case of grid outages, increasing the resilience of affordable housing communities during extreme weather events or other disruptions.