May 09, 2024

A recent New York Federal Reserve survey finds the American dream of homeownership feels more out of reach for renters. With housing costs soaring and mortgage rates climbing, only 13.4 percent of renters believe they can afford to buy a home. Despite potential Federal Reserve rate cuts, mortgage rates are expected to rise, further dimming hopes for aspiring homeowners.

Google, through its philanthropic arm Google.org, is cofunding a pilot program with J-PAL North America to provide $2.8 million to 450 California families facing homelessness. Half will receive $1,000 monthly for a year, while the rest get $50 monthly as a control. The initiative aims to assess if cash assistance helps secure long-term housing stability, particularly for single mothers of color with young children.

In New Braunfels, Texas, the San Antonio Food Bank is tackling housing issues by building 51 affordable apartments next to its branch. Recognizing the link between food insecurity and housing, it aims to assist struggling families by providing temporary housing and educational support. This initiative marks a shift toward holistic community support, leveraging the food bank’s resources to address broader community needs.

In Washington, DC, Olaiya’s Cradle, a housing support program for young mothers ages 18 to 24 at risk of homelessness, faces closure because of a $190,000 funding gap. The program, operated by Sasha Bruce Youthwork, suffered a setback after the US Department of Housing and Urban Development denied its grant request. Efforts to appeal the decision are underway.