Kodiak Properties, a locally owned real estate investment company in Youngstown, is proud to announce the launch of a groundbreaking initiative aimed at alleviating the affordable housing crisis facing communities across Ohio.
Rental prices are higher than in any year on record other than 2021, even when adjusted for inflation, according to the Ohio Housing Finance Agency's 2023 Ohio Housing Needs Assessment. That report shows that more than 1 million Ohioans live in households that spend over half their income on housing costs. In addition, there are 447,717 “extremely low-income” renters in Ohio, but only 177,318 rental homes that are affordable and available to them, the report states.
With housing affordability becoming an increasingly pressing issue for many Ohio residents, Kodiak Properties is committed to taking proactive steps to expand access to safe, quality housing options and foster greater affordability for individuals and families throughout the state.
“Our team at Kodiak Properties recognizes the urgent need for action to address the affordable housing crisis in Ohio,” said Kyleigh Haynes, an agent for the company. “Through our innovative initiative, we aim to leverage our expertise and resources to create meaningful solutions that enhance housing affordability, promote inclusive communities, and improve quality of life for all Ohioans.”
Key elements of Kodiak Properties' initiative include:
1. Affordable Housing Development: Kodiak Properties will invest in the development of new affordable housing units across the Mahoning Valley, focusing on underserved communities and areas with the greatest need. These developments will offer clean, quality housing options at price points that are accessible to low- and moderate-income individuals and families.
2. Preservation of Existing Affordable Housing: In addition to new construction, Kodiak Properties will work to preserve and rehabilitate existing affordable housing stock, ensuring that these properties remain viable and available to those in need of affordable housing options.
3. Community Partnerships and Collaboration: Kodiak Properties will collaborate with local governments, nonprofit organizations, and community stakeholders to identify opportunities for partnership and leverage additional resources to maximize the impact of its affordable housing initiatives. Kodiak has already partnered with Bridgeway Capital, a community development financial institution, to fund its affordable housing initiatives.
4. Tenant Support Services: Recognizing that access to affordable housing is only one part of the solution, Kodiak Properties will offer support services to tenants, including financial literacy education, job training programs, and access to community resources to help individuals and families achieve housing stability and self-sufficiency.
5. Innovative Financing Models: Kodiak Properties will explore innovative financing models and public-private partnerships to facilitate the development and preservation of affordable housing, ensuring that projects are financially sustainable and able to meet the needs of residents over the long term.
By implementing these strategic initiatives, Kodiak Properties aims to make significant strides in addressing the affordable housing crisis in Ohio, creating positive impact and lasting change for communities across the state.
For more information about Kodiak Properties and its affordable housing initiative, please visit www.KodiakPropertiesLLC.com or contact (724) 698-2700.
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About Kodiak Properties:
Kodiak Properties is a Youngstown-based real estate investment company committed to making a positive difference in the communities it serves. With a focus on innovation, sustainability, and community engagement, Kodiak Properties is dedicated to creating affordable housing options and fostering inclusive communities throughout Ohio.
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