In Focus – SCCCU Blog

Did you know Santa Cruz County has earned the title of having the highest rental market in the nation for the second year in a row? With skyrocketing rents, it's becoming increasingly difficult for people to find a place to live that’s safe and affordable. And the challenge goes beyond just the dollar amount—it’s about access, availability, and ensuring people have a place to call home.

Affordable housing isn’t just a buzzword—it’s the foundation of vibrant, thriving communities. Whether you’re a homeowner, renter, or somewhere in between, having access to safe, affordable housing is critical to personal well-being and collective success. It’s about more than just having a roof over your head; it’s about creating a place where individuals and families can grow, dream, and contribute to the broader community.

So, why is affordable housing so essential to a community? Let’s dive in.

#1: Provides a Stable Base for Families
At its core, affordable housing provides a sense of security. When unaffordable rent or mortgage payments don’t burden families, they can breathe easier. This “financial breathing room” allows them to invest in their futures, whether it’s through education, saving for retirement, or simply spending more quality time together.

Imagine a family not worrying about how they’ll pay for their next meal or whether they can afford new school supplies. With affordable housing, this becomes a reality. When the pressure of housing costs is alleviated, families can focus on building a better tomorrow.

#2: Boosts Local Economies
Affordable housing doesn’t just help the people living in it; it has a ripple effect on the entire community. When residents spend less of their income on housing, they have more to invest in local businesses. More trips to the local coffee shop, purchases at nearby stores, and nights out at restaurants—these small acts all contribute to the local economy, driving growth and creating jobs.

Communities with affordable housing options also attract a diverse workforce, from teachers and nurses to baristas and small business owners. This diversity is crucial for a balanced, thriving local economy.

#3: Enhances Educational Outcomes
Focusing on homework or long-term goals is hard when you’re unsure where to sleep at night. Affordable housing directly impacts educational outcomes for children and young adults. Studies show that children in stable housing environments are likelier to perform well in school, attend regularly, and graduate on time.

Safe, affordable housing provides the consistency students need to thrive. With a stable home, kids can develop routines, concentrate on their studies, and dream about their futures without the distraction of instability.

#4: Improves Mental and Physical Health
The stress of high rent or mortgage payments can take a severe toll on mental and physical health. Affordable housing helps reduce stress, allowing residents to focus on healthier lifestyles. Whether through better nutrition, regular exercise, or simply more time to relax, affordable housing allows people to prioritize their well-being.

Plus, safe, stable homes are less likely to expose residents to harmful conditions, such as mold or overcrowding, which can lead to chronic health problems. With secure housing, communities see reduced health disparities, leading to healthier, happier residents.

#5: Fosters Stronger Communities
Affordable housing cultivates a sense of belonging. When people aren’t forced to move frequently due to rising costs, they can establish roots, build friendships, and actively participate in their communities. This sense of permanence creates stronger neighborhoods where people know each other, look out for one another, and work together to improve their surroundings.

In turn, this stability reduces crime, increases civic engagement, and promotes a sense of pride in the community. A robust and stable housing market is the bedrock of a connected, resilient community.

Affordable Housing is the Heart of Thriving Communities
When affordable housing is available, everyone benefits. It supports stable families, boosts local economies, enhances education, improves health outcomes, and fosters community connections.

As a designated community development financial institution, Santa Cruz Community Credit Union (SCCCU) is committed to investing in affordable housing options in the communities it serves.

“By investing in affordable housing, we’re not just providing homes but building futures, empowering individuals, and creating more robust, vibrant communities for everyone,” explained Beth Carr, President/CEO of SCCCU. “Affordable housing is truly the heartbeat of a healthy, thriving society.”

In 2024, SCCCU launched two programs designed specifically with this goal in mind:

• Rental Assistance Loan Program. The Credit Union offers low-cost funds to help members with a security deposit or monthly rent. Call us at 831-425-7708 to learn more.
• Proyecto Hogar Loan Program. This low-cost home loan program focuses on getting people into affordable housing, with rates nearly 3% lower than the Credit Union’s existing rates. Learn more.

“Our goal is to help people get into the housing they desire and can afford comfortably,” stated Carr. “

To learn more about the programs available at SCCCU, call 831-425-7708 or stop by an SCCCU branch.