Annual Economic Impact

The beneficial impacts of affordable housing are widespread, but many may not know the local impact it has on your community.

Affordable low-income housing plays a crucial role in strengthening communities by providing stable, safe, and secure living environments for individuals and families. Its positive impact extends across several areas:

1. Improved Health and Well-being: Affordable housing allows residents to live in healthier environments, free from the stress and instability caused by overcrowded, unsafe, or unaffordable housing. This stability improves mental and physical health outcomes, reducing the risk of chronic diseases and enhancing overall quality of life.
2. Economic Empowerment: Access to affordable housing frees up income for essential needs like food, healthcare, education, and savings. Residents are better able to invest in personal development, while affordable housing development itself creates jobs and stimulates local economies.
3. Educational Outcomes: Children living in stable homes are more likely to perform better in school. Affordable housing reduces the frequency of school disruptions caused by frequent moves, fostering a more conducive environment for learning and academic success.
4. Social Stability and Community Cohesion: Stable housing contributes to stronger, more cohesive neighborhoods. It fosters social connections, reduces crime, and enhances civic engagement, as residents are more likely to stay long-term, build relationships, and invest in their local community.
5. Reduced Homelessness: By providing affordable housing options, communities can reduce the number of people experiencing homelessness, creating safer, more supportive environments for everyone. This also reduces the societal costs associated with homelessness, such as emergency healthcare and law enforcement interventions.
6. Environmental Sustainability: Many affordable housing initiatives incorporate energy-efficient designs, which reduce the environmental impact of buildings. These eco-friendly features contribute to sustainability while also lowering utility costs for residents.

Overall, affordable low-income housing is a vital element in fostering stronger, healthier, and more resilient communities, benefiting not only individual residents but also the broader society.

Not only does affordable housing create a widespread social impact; it also creates a renewed and sustainable investment in the local economy. NWGHA serves over 2,300 households in its affordable housing within the Floyd and Polk Counties.

• In 2014, NWGHA's first RAD conversion of Willingham Village Apartments resulted in a $11.7 million impact on the local economy in the City of Rome with the renovation of this affordable housing redevelopment project.
• In 2018, NWGHA closed two RAD conversion/4% LIHTC renovations in tandem, resulting in 200 units at Charles Hight Highrise 1 and Park Homes being modernized and made available to households with up to 60% AMI. The two projects resulted in affordable housing redevelopment being invested in the local economy for a total development cost of $24.9 million. 
• In 2019, NWGHA closed on the renovation of a 4% LIHTC rehabilitation of Ashland Park Apartments, resulting in a total development cost of over $28 million.
• In 2021, NWGHA closed its first new construction 9% LIHTC development, resulting in a total development cost of over $18 million.
• In 2024, NWGHA was awarded 9% LIHTCs to redevelop the public housing site formerly known under Cave Spring Housing Authority. Upon its completion, the estimated economic impact for the City of Cave Spring is anticipated to be over $17 million in total development costs.
• In 2025, NWGHA will close its first adaptive reuse development, Elm Street Apartments, which is anticipated to result in a total development cost of over $16 million of economic impact for the City of Rockmart.