By: Dwayne Ashley, CEO, William Allen, Dr. Roderick Smothers, Naihlah Ricco Brown, Executive Consultants, Bridge Philanthropic Consulting, LLC.

@bpc.fund: As a company deeply committed to social justice and equality, we understand how affordable housing and health equity are vital in creating wealth and providing the foundation for individuals and communities to thrive. When people struggle to find safe, decent, and affordable housing, it impacts their overall well-being and hinders their ability to build wealth. Additionally, health equity, which focuses on eliminating health disparities and providing equal opportunities for health, is closely linked to economic stability.

Addressing these social determinants of health can positively impact individual and community wealth creation. Affordable housing ensures that individuals have a stable and secure place to live, reducing financial burdens and allowing them to invest in other areas of their lives. Health equity ensures everyone has equal access to healthcare services, reducing barriers to well-being and promoting overall productivity and financial stability.

This article will explore the connection between affordable housing, health equity, and wealth creation. We will delve into the research and share practical strategies for promoting these social determinants, ultimately improving individual and community outcomes. Together, we can build a more equitable society where affordable housing and health are at the forefront of wealth creation.

Understanding affordable housing and health equity

Affordable housing refers to affordable housing for individuals or families with low to moderate incomes. It ensures that people can secure safe and decent housing without spending excessive income on rent or mortgage payments. Affordable housing is fundamental for individuals and communities to thrive and is closely tied to health equity.

Health equity, on the other hand, focuses on eliminating health disparities and providing equal opportunities for health to all individuals, regardless of their socio-economic status. It recognizes that everyone should have access to quality healthcare services, regardless of income or background. Health equity addresses the social, economic, and environmental factors influencing health outcomes and strives to create a level playing field for all individuals.

Affordable housing and health equity are intertwined. When individuals have access to affordable housing, they are more likely to experience improved mental and physical health outcomes. They can also better invest their income in their families’ education, skills development, and other areas that can contribute to wealth creation. Conversely, when individuals lack access to affordable housing, they face financial burdens that can hinder their overall well-being and limit their opportunities for economic growth.

Addressing the social determinants of health

To understand the connection between affordable housing, health equity, and wealth creation, it is crucial to recognize the role of social determinants of health. Social determinants of health are the conditions in which people are born, grow, live, work, and age. They include housing, education, employment, and access to healthcare services.

Affordable housing and health equity are key social determinants that can significantly impact individuals’ well-being and wealth creation. When individuals have access to affordable housing, they can allocate their financial resources toward other essential needs, such as education and healthcare. This, in turn, can lead to improved health outcomes and increased opportunities for economic stability and wealth creation.

The link between affordable housing and wealth creation

Affordable housing plays a crucial role in wealth creation. When individuals can access affordable housing, they can allocate a smaller portion of their income toward housing costs. This frees up financial resources that can be invested in other areas, such as education, entrepreneurship, or savings. By reducing the burden of housing costs, affordable housing enables individuals to build wealth over time.

Furthermore, affordable housing promotes stability and security, essential for wealth creation. Individuals with a stable and secure place to live with can focus on their education, career development, and other wealth-building activities. Affordable housing provides a foundation for individuals to pursue their goals and aspirations, ultimately leading to increased economic mobility and wealth accumulation.

BPC recommends the following strategies for promoting affordable housing and health equity for non-profits and social justice advocates for affordable housing and health equity.

Promoting affordable housing and health equity requires a multifaceted approach that involves various stakeholders, including policymakers, community organizations, and individuals. Here are some strategies that can help promote affordable housing and health equity:

1. Increase affordable housing stock: Work with your policymakers to implement initiatives that incentivize the construction of affordable housing units, ensuring an adequate supply to meet the demand. This can be done through philanthropy, tax incentives, public sector grants, and developer partnerships.
2. Preserve existing affordable housing: Preserving existing affordable housing units is essential to preventing displacement and maintaining affordability in communities. This can be achieved through policies that protect tenants’ rights, provide financial assistance for repairs and renovations, and promote responsible property management.
3. Improve access to healthcare services: Health equity can be promoted by improving healthcare services, particularly for underserved communities. This can be done through expanding healthcare facilities, recruiting and retaining healthcare professionals in underserved areas, and implementing telehealth and mobile healthcare initiatives.

Policy initiatives and programs supporting affordable housing and health equity

Various policy initiatives and programs have been implemented at the local, state, and federal levels to promote affordable housing and health equity. These initiatives aim to address the social determinants of health and create opportunities for wealth creation. Some examples include:

4. Section 8 Housing Choice Vouchers: This federal program provides rental assistance to low-income individuals and families, allowing them to access safe and affordable housing in the private market.
5. Low-Income Housing Tax Credit (LIHTC): This federal program provides tax credits to developers who build or rehabilitate affordable housing units. It encourages the private sector to invest in affordable housing and increase the supply of affordable units.
6. Medicaid expansion: Medicaid expansion, implemented under the Affordable Care Act, aims to provide healthcare coverage to low-income individuals and families. Expanding access to healthcare services promotes health equity and reduces financial barriers to well-being.

Case studies of successful affordable housing and health equity initiatives

Overcoming challenges in achieving affordable housing and health equity

While there have been notable successes in promoting affordable housing and health equity, challenges still need to be addressed. Some of the key challenges include:

7. Limited funding: The availability of funding for affordable housing and health equity initiatives remains a challenge. Adequate funding is essential to support the construction and preservation of affordable housing units and the expansion of healthcare services in underserved areas.
8. NIMBYism (Not In My Backyard): The resistance to affordable housing developments in certain communities can hinder efforts to increase affordable housing stock. Addressing NIMBYism requires education, community engagement, and policies that promote inclusivity and diversity.
9. Systemic inequalities: Systemic inequalities, such as racial and income disparities, can impact individuals’ access to affordable housing and healthcare services. Addressing these inequalities requires a comprehensive approach that includes policy changes, community engagement, and efforts to dismantle discriminatory practices.

Prioritizing affordable housing and health equity is one of today’s most important social justice issues. Given our work in the sector, we are deeply engaged in working with our communities on strategies.

Affordable housing and health equity are essential components of wealth creation. Addressing these social determinants of health can improve individual and community outcomes, promote economic stability, and create a more equitable society. Affordable housing ensures that individuals have a stable and secure place to live, reducing financial burdens and allowing them to invest in other areas of their lives. Health equity ensures everyone has equal access to healthcare services, reducing barriers to well-being and promoting overall productivity and financial stability.

To achieve affordable housing and health equity, it is crucial to implement strategies that increase the supply of affordable housing, improve access to healthcare services, and address systemic inequalities. Policymakers, community organizations, and individuals all have a role in promoting these social determinants and creating opportunities for wealth creation.

By working together, we can build a society in which affordable housing and health are at the forefront of wealth creation, ultimately improving well-being and prosperity for all.