Why affordable housing is a concern for everyone

There was a time when someone making the minimum wage could afford a home of their own. Those times have changed. According to the U.S. Department of Housing and Urban Development (HUD), there is not one state in the country that a family with a single full-time wage earner making the minimum wage can afford a market-value two bedroom apartment.

New York City has one of the largest populations in the country, and as such, affordable housing is an essential part of the community. For people /businesses that are interested in providing affordable housing, consulting an attorney before beginning the process is critical. Why?

Even with the best intentions, bureaucracy can exist

While providing affordable housing is an altruistic endeavor, it nevertheless comes with its share of laws and rules that must be followed—fail to follow them and you could find yourself in a legal mess that might even include going to court.

But working with an attorney from the beginning can help ensure that all regulations are followed. Whether it is a finalizing a sale, obtaining financing, or drafting a proposal, having a real estate attorney prepare and review all documentation is essential: affordable housing is not a simple real estate transaction, it overseen and implemented by the federal government. As such, what might seek like a small error to you, may very well disqualify you in the end.

Whom can I trust?

Knowing whom you can trust in a business deal is essential. Most people are honest, but even honest people can misinterpret building codes, union contracts, and leases. Relying on an attorney to help you inspect and implement contracts, and draft and evaluate all documents, can save you thousands of dollars and endless headaches and concerns—streamlining the process and providing smooth progress for your project.

 

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