In our view: Conference drafts an excellent blueprint for future affordable housing

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For most people, the biggest, most important investment they will ever make is the purchase of a home.

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For others, 'home' is an illusive dream to be chased for years, or even a lifetime.

In order to own a home, you have to have a down payment, the ability to continue paying for many years, and the cash flow to maintain that home. Not everyone can jump through all those hurdles, particularly the down payment.

Local statistics show the need for about 500 additional affordable housing units in Fredericton. The Fredericton Community Foundation's 2008 Vital Signs report showed that 45 per cent of local households spend more than 30 per cent of their income on housing. It also showed an increase in renters here, more than the New Brunswick or Canadian averages.

There is no doubt that housing - affordable housing - continues to be a social issue that plagues a large number of families in our community.

This week's second annual affordable housing conference, however, made a few inroads to bring shelter to those who need a hand up. It brought together developers, advocates for those in need, government and local business people. By the end of the meeting, the Fredericton Chamber of Commerce had made a commitment to meet with local developers by the end of next month to begin a journey aimed at bringing the most basic of needs - shelter - to those who need it most.

Considering there are only six weeks left in the year, with Christmas in that time frame, that's an impressive commitment to a problem in dire need of attention.

Perhaps their haste was encouraged by Ed Power, a Newfoundland developer who, in his conference presentation, explained how you can make a profit and build affordable housing, two concepts some might previously have believed were impossible to marry.

But his speech illustrated that entrepreneurs can get into this business and make money in the process. The extra dividend, he said, is doing something important for your community.

Or perhaps they were inspired by the story of Dr. Mike Ramey, a downtown dentist who was somewhat skeptical when non-profit housing moved in next door to his office two years ago. He's now a convert to the concept, saying his non-profit housing neighbours are respectful and responsible.

There is a built-in bonus to providing affordable rental units: it gives tenants a chance to save money on rent they might one day be able to use as a down payment on a home.

Whether developers choose to build units for sale, units for rent, or both, the interest and method seem to be in place to get this idea going. We encourage them to do all they can to make it happen.