Affordable Housing & The Role of Corporate Social Responsibility

Contextualizing the Housing Crisis & Racial Equity

According to the U.S. Chamber of Commerce, between 1990 and 2024, median housing prices have risen 331.8%, jumping from a median of $96,800 to $418,000. When compared to the median household income rise of 174.2% ($31,000 to $85,000), the price-to-income ratio rises from 3.11 to 4.9 for the average homebuyer. Within the last decade, home values have increased by 33%, while mortgage rates have risen over 3% between 2021 and 2026.¹ This raises the amount of time for a first-time homebuyer to save for a down payment (at prevailing savings rates) from 3.2 to 9.7 years, ultimately raising the median age of a first-time home buyer from 30 to 40 years.²

Homeownership remains difficult, if not impossible, for many prospective buyers, particularly those with low and moderate incomes. 

The housing crisis is more fully understood within the backdrop of racial inequity in 20^th century United States history. The U.S. Federal Housing Administration, established in 1934, institutionally barred Americans of color, particularly Black Americans, from housing opportunities through redlining. Redlining is defined as the practice of denying people access to credit because of where they live, even if they are personally qualified for loans. When the FHA was tasked with providing housing loans in the 1930s through the 1960s, they unfairly concluded that loans in predominantly Black neighborhoods were unsound and instead encouraged loans on new constructions in suburban areas with smaller populations of color, offering more opportunities for first-time White home buyers than other populations. While this practice was outlawed in the Fair Housing Act of 1968, its effects remain today. The 2025 census indicated that 74% of non-Hispanic White Americans are homeowners, significantly more than Black (45%) and Hispanic (49%) populations. Given that homeowner net worth in 2022 was found to be 38 times that of renters, the effects of racially motivated segregation in the 20th century have continued to exclude non-White Americans from upward economic mobility and greater financial security. This makes the implications of the current housing crisis particularly strong for non-White households. 

Implications of the Housing Crisis

Over 580,000 individuals experience homelessness on any given night, according to the National Low Income Housing Coalition. Without access to affordable housing, individuals and households may be unable to secure stable housing and can remain homeless for extended periods. Even for those not currently experiencing homelessness, expensive housing remains a major burden. The National Low Income Housing Coalition further notes that 70% of extremely low-income families pay more than half their income on rent. Of the more than 10.8 million extremely low-income families in the U.S., there is a shortage of over 7 million affordable homes. This places low-income families in a precarious scenario: for every 4 families in need, only 1 receives assistance. Alleviating homelessness and taking the financial pressure off low-income families via affordable housing offers households the dignity of shelter and peace of mind. The housing crisis is a serious humanitarian concern that limits a household’s safety and long-term stability. 

Additionally, housing is a key factor in economic mobility at an individual level and an economic driver at the national level. The American economy loses about $2 trillion a year in lower wages and productivity in part because of lacking affordable housing because without housing, families have fewer opportunities to increase their earnings and in turn contribute to the economy as consumers.³ 

The Affordable Housing Crisis not only places American households in jeopardy of poverty and homelessness, but it limits growth by constraining household spending and limiting opportunities to increase household earnings. 

How Companies Can Help Alleviate This Crisis

• Capital & Financing: Companies can invest in Community Development Financial Intuitions (CDFI’s) and provide gap funding when needed for affordable housing projects 
• Tax Credit Participation: Companies can participate directly in Low-Income Housing Tax Credits; purchasing tax credits is a common role for large banks. 
• Partnerships & Education: Nonprofit housing organizations can benefit from company support, as can developers working on affordable housing projects. In addition, companies should consider funding housing education and financial literacy programs for individuals. 
• Direct Resident Support: Finally, organizations can provide tenant rental assistance, establish a charitable emergency fund for housing needs, or create workforce housing to support employees as needed. 

How Leading Companies Are Responding

Costco and Target are partnering with affordable housing developers to build mixed-use projects that combine retail stores with hundreds of apartments, including units reserved for lower-income residents. This is made possible due to incentives and financing rolled out by states like California, Florida, Massachusetts, and Pennsylvania, whose programs encourage development by allowing private companies to participate in exchange for unused land. Costco, for instance, is partnering with developers to build a mixed-use project in South Los Angeles that includes a warehouse with 800 apartments above it, 184 of which are designed as affordable housing. Target, meanwhile, is creating a 44,000 sq. ft. store in Harlem, New York City, which will serve as the retail anchor of the Urban League Empowerment Center, a $242 million development with 171 affordable housing units and community space.

TD Bank's signature program, Housing for Everyone, supports not-for-profit organizations that provide affordable housing and/or wraparound services to increase access to affordable, stable housing situations for individuals and families. The program celebrated its 20th year of operation in 2026, and in April the TD Charitable Foundation announced it would award $10 million in grants to 40 nonprofits. Since the program's inception, more than $73 million has been awarded to over 675 affordable housing initiatives. TD also serves as a convener for other companies and nonprofits: in April, they helped host the first TD Housing Summit, creating a space for sustained partnership, shared learning, and long-term commitment to housing affordability. They also sponsor the Ready Challenge, a grant program designed to support 10 nonprofits a year that are developing measurable solutions to the affordable housing crisis.

Amazon, for its part, utilizes its scale and agility to address the affordable housing crisis. The company has invested over $2.2 billion, with 80% of its developments made in partnership with local, state, and federal government.