Study shows significant economic benefit for public and private investment in affordable housing programs
Columbus, OHIO – Homeport has contributed more than $487 million to the local economy over a five year period, a recent study indicated. The independent study was conducted by New England Market Research, and released today by the NeighborWorks Collaborative of Ohio (NCO) and Homeport. The study determined that from 2008 – 2012, Homeport generated $190 million of income to local employees, $60 million in tax revenue and sustained over 729 jobs annually. As a member of the NCO, Homeport and eight other organizations around the state helped to contribute over $1.4 billion to Ohio’s economy.
“In Columbus, home is the foundation of our lives and our communities. Through the support of private donors, our local business community and our government institutions, Homeport has been able to positively impact our local economy, while providing stable, quality, affordable housing and essential home ownership programs”, said Amy Klaben, President/CEO of Homeport. “This study reinforces that our work creating successful home owners and developing high-quality affordable housing opportunities is good for the business community and strengthens our economy.”
The study analyzed several different kinds of economic impacts including direct and indirect effects that Homeport activities had on the various business sectors. Tax revenue, sustained employment and contribution to local labor income were also considered. Economic activities factored into the study included physical construction of affordable housing, community development, and counseling and educational programs such as Home Buyer Education and Foreclosure Prevention. The study also indicated Homeport was able to leverage $10.40 for every $1 received in public and private funding, a significantly higher amount than comparative industry benchmarks.
Homeport is a private 501(c)(3) non-profit serving tens of thousands of central Ohioans each year. Its mission is to create and preserve healthy, stable and affordable communities, one neighborhood, one person at a time. They do this by developing quality and energy efficient homes, providing consistent and transformative education and services to address each resident’s unique barriers to, and opportunities for, success, involving and empowering residents, focusing on community revitalization and creating strong and fruitful collaborations.
Homeport is a charter member of the NeighborWorks Collaborative of Ohio (NCO) a statewide, nonprofit collaborative of nine Ohio organizations focused on creating sustainable and affordable housing for Ohioans. The organizations are located in Toledo, Cleveland, Ravenna, Akron, Columbus, Cincinnati, Dayton, Hamilton and Springfield and together offer services to all regions of the state. Over 70,000 individuals and families have benefited from services provided by NeighborWorks since 2006. NCO member organizations provide services and programs such as homebuyer education, foreclosure prevention, financial literacy and affordable rental housing and homes for sale.