The City of Waco is preparing to provide affordable housing for residents. 

According to KCEN-TV the City of Waco will be receiving $34 million as part of the American Rescue Plan Act. After allowing the community a say in where the money should be allotted the city has decided to set aside $17 million to go back into the community which includes a plan for affordable housing. Results from a housing study done in the spring of 2021 showed that there is a great need for affordable housing in the area. 

The list of sectors that residents had to choose from was very broad but it made identifying key areas to spend the funding a lot easier. Waco's Office of Management and Budget has allotted $4.3 million for new affordable housing, $3.1 million for home rehabilitation, and $1.8 million for down payment assistance. 

According to Galen Price with the city manager's office, the rental market has a gap between what individuals are earning and the amount to afford versus what the actual rents are. The goal is to close those gaps by creating a plan that's sustainable and long-term. 

The funds will be used through 2024 and go to helping rehab existing housing or helping individuals construct new housing. As of now, the City is expecting to have an affordable housing plan drawn up by January. 

To view, the American Rescue Plan Funding Plan click here. 

I think it's wonderful that so much has been allotted to the city. I can see a lot of changes coming that residents will be pleased with. 

 

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