2022 Spring Issue - 91

OUTLOOK2022
Financially disadvantaged households face significant
challenges accessing affordable and equitable
housing. After paying for housing costs, many people
simply cannot afford other essentials like food and
health care, much less internet service.
Affordable housing, generally defined as housing
that does not exceed 30 percent of household
gross income, is often misconceived as beneficial
only to lower-income households. However, " affordable
housing also benefits a communities' workforce,
including entry-level white-collar workers, teachers,
firefighters, police officers, seniors, and military
personnel, " says Ada Arevalo, chief executive officer
of iimpact capital. " More broadly, reducing the
burden of housing cost, through affordable housing,
increases disposable income that can be utilized for
other living essentials and ultimately reinvested into
the local economy. "
To bridge the digital divide, all affordable housing
residents must have the technology, infrastructure,
and support needed in the home to improve and succeed
academically and professionally, maintain their
health and well-being, and achieve financial success,
while also reducing costs to society in the long term.
Solving the housing crisis, which at times seems
insurmountable, will require prioritizing digital
technologies that address the health, safety, and
well-being of residents, as well as incorporating technological
innovation into the construction and operation
of housing, in order to improve affordability and
promote healthy building techniques.
Several asset managers, real estate developers,
and institutional investors, as well as advocacy
organizations, are using digital technology to boost
resident engagement, enhance student learning, and
drive positive health and environmental outcomes
while delivering quality, affordable housing at scale,
particularly in communities facing public health risks.
Prioritizing Resident Health
Global investment manager Nuveen is investing
across the spectrum of affordable housing with a
focus on providing shelter that is safe and of high
quality. The firm incorporates environmentally friendly
digital techniques to mitigate climate risk, such as
installing smart, programmable thermostats, solar
roofing technology, and other green retrofits.
As an industry leader in affordable housing,
Nuveen works closely with mission-aligned investment
managers to prioritize residential internet
access and services, an approach described as
" tenant first " by Pamela West, senior director of
Nuveen Real Estate's impact investing strategy.
This initiative prioritizes free wi-fi for all residents
to enhance and increase access to social services,
remote education, health care, and financial services.
An essential service Nuveen provides for residents
is telehealth. " Services like Teladoc have been a
game-changer for residents in our communities where
access to health care might not always be possible, "
West says. " Something as simple as free wi-fi allows
our residents 24/7 access to medical professionals
in the privacy of their homes, which results in better
health outcomes for the entire family and ultimately
the community. "
Having similar impact is a partnership between
real estate investment management firm Comunidad
Partners and Esusu, a financial technology platform
that leverages data to improve financial equity for
renters through credit reporting and other tools that
promote financial empowerment for tenants.
" Together with Esusu, we are building a pathway
to homeownership for our renters-a path that begins
with the foundational building block of credit reporting
and sets the stage for better access to credit,
economic mobility, and ultimately long-term resident
equity and wealth, " says Antonio Marquez, principal
and managing partner of Comunidad Partners.
Housing as a vital determinant of health has been
well researched and reported in recent decades. Consequently,
living in substandard housing can create
a major public health issue for already challenged
communities. Organizations like Nuveen and Comunidad
Partners are not only providing affordable,
sustainable, and equitable housing; they are also
committed to providing access to broadband and
smart devices that will bridge the digital divide.
Boosting Quality of Life for Seniors
People ages 65 and older have been severely
affected by COVID, and a particular concern is with
older adults living in, and depending on, affordable
housing. This group often lacks access to the internet,
as well as even basic tech skills, according to a
December 2020 report by Harvard University's Joint
Center for Housing Studies, based on an AASC survey
of nearly 1,200 members who work at publicly subsidized
multifamily properties. The survey also found
SPRING 2022
URBAN LAND
91
2022 Spring Issue

Table of Contents for the Digital Edition of 2022 Spring Issue
