How Corporations Can Contribute to Affordable Housing Solutions

August 23, 2023

By Kevin Donaldson

The affordable housing crisis is a pressing issue that affects millions of people worldwide. As the gap between income and housing costs continues to widen, the need for affordable housing solutions is more critical than ever. Corporations — with their vast resources and influence — can play a significant role in addressing this issue. Here are four ways that corporations can contribute to affordable housing solutions.

Supporting Nonprofits Specializing in Affordable Housing

Nonprofits like Habitat for Humanity of the Charlotte Region are at the forefront of the fight against the affordable housing crisis. They work tirelessly to build and provide affordable homes for those in need. Corporations can support these nonprofits in a variety of ways.

One of the most impactful ways is through financial support. This can take the form of direct donations, grants, or even matching employee donations. Financial support can help these nonprofits expand their operations, serve more people, and ultimately, make a bigger impact on the housing crisis.

Additionally, there are corporate partnerships that allow nonprofits to receive assistance and support from corporations through things like financial donations & volunteer support, event sponsorship, product donations, workplace giving programs, grants and awards programs, and more.

Developing Affordable Housing Units

Corporations can also contribute by directly investing in the development of affordable housing units. This can be done by establishing an affordable housing development corporation or by partnering with existing ones, as well as creating initiatives focused on affordable housing solutions.

Tech giants like Google, Apple, Facebook, and Microsoft have all launched housing initiatives. For example, Apple committed $2.5 billion to address the housing availability and affordability crisis. They have already deployed over $1 billion for projects across California. These initiatives show that corporations can play a direct role in increasing the supply of affordable housing.

Similarly, Amazon launched a $2 billion Housing Equity Fund that aims to preserve and develop over 20,000 affordable housing units across three major hubs. This initiative is also a prime example of how corporations can collaborate with local governments to address the affordable housing crisis.

Providing Land for Residential Use

A significant issue constraining the housing supply is the lack of available and affordable land. Corporations can help overcome this issue by identifying and repurposing their property for residential use.

In Seattle, a deal was made where the city had an unused 2.9-acre parcel in the downtown area. The development deal yielded $143.5 million, with $73 million allocated to the city’s Affordable Housing and Livability fund. This example illustrates how corporations can contribute to affordable corporate housing solutions by repurposing their land.

Corporate Volunteering: The Benefits and Impact

As briefly mentioned earlier in the article, corporate volunteering is another beneficial way corporations can contribute to affordable housing solutions. By encouraging employees to volunteer their time and skills, corporations can provide hands-on help to nonprofits like Habitat for Humanity.

Volunteering can take many forms, from helping to build homes to providing professional services like legal advice or marketing support. Not only does this provide tangible help to nonprofits, but it also fosters a sense of community and teamwork among employees. This is a way for corporations to give back to their communities while also providing a rewarding experience for their employees.

Corporations have a significant role to play in addressing the affordable housing crisis. Through corporate charitable contributions, corporations can provide much-needed financial support to nonprofits. By developing affordable housing units and providing land for residential use, they can directly contribute to increasing the supply of affordable homes. Lastly, through corporate volunteering, corporations can provide hands-on help while fostering a sense of community among their employees.

By taking these charitable actions, corporations can not only help address a pressing societal issue but also enhance their corporate image and foster a sense of community among their employees. It’s a win-win situation for all involved.

At Habitat for Humanity of the Charlotte Region, we rely on our donors, volunteers, and corporate partners to make our work possible. They are the ones who provide the benefits of homeownership to the individuals we serve by contributing to our programs, and there are many different ways to contribute to the crucial work that we do.

Through faith, innovation, and passion — and thanks to the support of countless community partners, volunteers, donors, and advocates — Habitat Charlotte Region has made a significant impact in Charlotte and the surrounding area since its founding.

We envision a world where everyone has a decent place to live, and have served over 4,000 families as we work to make that goal a reality. We seek to put God’s love into action by bringing people together to build homes, communities, and hope. We are committed to serving the community while recognizing that change and adaptability are key to intensifying our impact.

Habitat Charlotte Region welcomes volunteers, supporters, and potential homeowners from all backgrounds. You can help us make a difference in the lives of others in the community by signing up to volunteer with us today! You can also get involved by supporting our work with a donation or even exploring our Homebuyer Program!

August 23, 2023