news release

Indian River County is home to approximately 160,000 people – a number that is rising each year. As the influx of new residents continues to affect the Treasure Coast, affordable homeownership has become increasingly unattainable, due in part to low inventory. How we address this dilemma will have a lasting impact on our social and economic future including significant effects on the quality of life for all residents.

There is a housing shortage of about 1,500 homes in Indian River County, directly contributing to homelessness for low- and moderate-income individuals. With housing prices in the area continuing to increase, the challenges of homeownership are only increasing for those in need.

The affordable housing issue is a national crisis that extends well beyond the Treasure Coast. However, addressing it will require local solutions from coalitions formed in the communities impacted. Local banks, real estate developers and other industry partners also have an important role to play in helping solve a challenge this widespread.

Across Florida, public officials, community leaders and housing advocates are working to develop more affordable housing and make rentals and home purchases more accessible. The private sector can help these efforts by supporting the construction of new affordable housing units and organizing community revitalization projects.

This year marked Indian River Habitat for Humanity’s 32^nd anniversary. Over the past 32 years, the organization has built or renovated approximately 1200 homes, provided counseling assistance programs, and advocated for affordable housing units for those in need. The public and private sector partnerships Habitat for Humanity formed over the decades have been essential to realizing this vision. 

On the Treasure Coast, Bank of America and Indian River Habitat for Humanity have a long-standing partnership built on a shared belief in the empowerment affordable homeownership delivers. Last year, Bank of America awarded funding to Indian River Habitat for Humanity to support their Neighborhood Revitalization Program, which works to make necessary home repairs for low/moderate income families in the community. Bank of America’s funding increased Habitat for Humanity’s budget for these repairs, ensuring these families have a secure and stable place to live for years to come. The Neighborhood Revitalization Program is a realization of Habitat for Humanity’s mission to meet the demand for affordable homes while giving residents a strong sense of community.

Increased housing access positively impacts everyone, even those who can afford to buy or rent, by improving a community’s collective wellbeing through local economic growth, reduced crime and an overall higher quality of life. On an individual level, it impacts a person’s ability to build a better life and become more prosperous, in turn bettering the lives of others around them.

While the Neighborhood Revitalization Program is a step in the right direction, there is still more to be done.

Everyone can play a role in driving this change by volunteering to help construct a home or even encouraging conversations among friends and colleagues that raise awareness of the need for affordable housing. Each bit of support helps make a difference within your community.

Susan Rabinowitz is president of Bank of America Treasure Coast, and Trevor Loomis is president and CEO of Indian River Habitat for Humanity