Of all the great challenges facing our nation today, few are more urgent than the growing shortage of decent, affordable housing. The number of low-income renters doubles the number of affordable apartments available. Some 10 million families are paying more than half of their monthly income on rent.
The problem is particularly acute in California, home to five of the nation’s 10 most expensive counties. On average, a $30/hour wage is needed to afford a two-bedroom apartment. A renter earning minimum wage must work four full-time jobs to afford rent. Half of the state’s renters pay more than 30% of their household income for rent (some pay much more). Jamboree addresses this growing crisis.
Without a stable and affordable home, low-income families have little hope of working toward better lives and their children suffer. Their home plays a key role in determining whether they can find a well-paying job, send their kids to a good school, get quality health services, and access reliable transportation.
New Construction and Acq/Rehab
Jamboree’s award-winning new construction properties incorporate state-of-the-art designs that seamlessly integrate into surrounding neighborhoods. The acquisition and rehabilitation of existing properties provides a renewed source of affordable housing given the frequent lack of open space for new construction. Some of these properties are vacant and blighted. Others are at risk of losing their long-term affordability and becoming market-rate rentals.
Our acq/rehabs meet or raise the standards for surrounding neighborhoods, reduce blight and crime, improve the quality of available housing for residents, and stabilize families with low and moderate incomes. The funding necessary to acquire and renovate these properties is within reach of most local governments and the benefits for the community and its residents are substantial.
Jamboree works with several vital development partners to build, transform and maintain properties as valuable assets to our mission and expanding housing development portfolio.