Strengthen communities by building affordable housing for essential workers
“Historically there’s been a rolling train of mental health people who come here, work for two years and leave when they realize they can’t afford to be here any more. This allows me to give a long-term commitment to the kids in that community.”
– School Mental Health Counselor and Rural Homes Homeowner
Location: Colorado, United States
Founded in 2021, Rural Homes builds and sells homes in rural Colorado to essential workers, including teachers, nurses, and firefighters, who aren’t eligible for traditional, subsidized affordable housing but make far less than what is needed to buy from the existing housing stock.
The organization partners with philanthropic funders and local government entities to secure donated land for development. It then uses low-interest program-related investments (PRIs) from philanthropic organizations as construction loans to build new homes.
Once homes are sold, the revenue generated replenishes the fund, which finances the next round of construction in another community.
Rural Homes uses a cost-effective modular home construction process, incorporating energy-efficient features that reduce long-term costs for homeowners and ensure the homes are environmentally friendly.
All Rural Homes units are deed-restricted, meaning that all future owners of the homes meet Rural Homes’ eligibility requirements, and the homes stay affordable for years to come.
The organization has built 59 homes in rural Colorado. Home prices range from $225,000 to $445,000, typically less than half the price of the average home in the area.
In the town of Norwood, new houses created a 6% increase in total property tax revenue, which the town plans to use to improve its water infrastructure.[1] Rural Homes estimates that their Norwood and Ridgway neighborhoods have generated about $6,400,000 each in economic impact for the surrounding communities through construction jobs and sourcing materials from local businesses.
Learn more: https://www.ruralhomes.co/
More ways to help
Lower Sioux Indian Community Hempcrete Program and Housing Project and Build Up Nepal build affordable housing for their communities. Build UP Community School trains high school students to build and rehab affordable housing in their community.
For more on PRIs, see Program-Related Investments.