Fain Signature Group of Prescott Valley, AZ. and Yavapai College have announced that the two organizations have joined efforts in quickly acting to produce more attainable housing options for the region’s teachers, firefighters, police & sheriff, healthcare providers and workforce. The agreement will provide housing at Fain Signature Group’s Inspiration Apartments in the City of Cottonwood for Yavapai College.
The collaboration between Prescott Valley’s community builder and the Arizona community college was born out of the rapidly growing need for attainable housing for employers and employees throughout the region. According to recent studies, 44% of renters in Yavapai County are cost-burdened while 26% of homeowners are cost burdened. Cost burdened means that these renters and homeowners spend more than 30% of their income on either rent or a mortgage.(1) “This is our first step toward directly working to impact the housing issues in Yavapai County for 70% of residents that have been cost burdened and priced out of the market due to rapid inflation, rising interest rates and other compounding effects of the market over the past few years. If successful, we look to expand our efforts to serve more of our communities,” stated Brad Fain, Fain Signature Group.
According to the study by ASU Morrison Institute for Public Policy titled Housing Arizona, “Arizona is facing a housing crisis spurred by a severe slowdown in the housing market after the 2008 economic recession… As construction halted and more people moved into the state, housing supply could not keep up with population growth. According to the Arizona Department of Housing, Arizona is now short 270,000 housing units… This shortage has left many struggling to find or maintain housing across all housing types, ranging from luxury to affordable.” (2)
“We are excited to work with Yavapai College to design housing options for our educational institutions, their employees and students. The college and its leadership have been immensely helpful in helping us understand their challenges and how we can work together to find attainable housing solutions. The college’s collaboration in this regard will benefit all employers in the region as we begin to collaborate with industry, trades, first responders, medical professionals, as well as cities and towns to create solutions that makes sense for our communities, residents, and environment,” says Brad Fain, CEO, Fain Signature Group. “We are also grateful to have strong partners at the City of Cottonwood, Arizona. At every turn and every challenge, the City of Cottonwood has worked with us to find solutions to help bring housing to their community.”
“The housing availability and affordability situation in our county has reached a point where Yavapai College is losing valuable faculty, staff, and prospective students. YC will continue to identify and invest in solutions for this issue. We are thankful for the Fain Signature Group’s vision and willingness to partner with the College to create solutions,” said Dr. Lisa B. Rhine, President of Yavapai College. “The Inspiration Apartments in Cottonwood will provide another housing option for employees and students who work at or wish to attend the College’s Verde Valley Campus or Sedona Center.”
About Fain Signature Group
As one of central Arizona’s original homesteading families, the Fains have been calling the Prescott Valley region home since 1874. Fain Signature Group (FSG) is a community building organization comprised of local families passionate about living here. FSG ownership and its employees represent families that were born, educated, raised, live and/or work in Prescott Valley. Their mission is to make a great life for all with community design, long-term vision and regional collaboration at the core of their practice. For more info, go to: FainSignatureGroup.com
About Yavapai College
Yavapai College operates six campuses and centers throughout Yavapai County and offers over 100 degrees and certificates, a baccalaureate degree, student and community services, and cultural events and activities. Registration for the fall semester is open, and classes are filling fast. To learn more about YC, and to register for classes, visit www.yc.edu.
REFERENCES
(1) Ashlee Tziganuk, Analyst Liza Kurtz, Analyst Alison Cook-Davis, Associate Director for Research Adison Hicks, Student Research Assistant, “ Where Do I Go Now? Experiences of Housing Insecurity in Yavapai County” ASU Morrison Institute for Public Policy. September, 2022.
(2) Ashlee Tziganuk, Research Analyst Liza C. Kurtz, Research Analyst Alison Cook-Davis, Associate Director for Research Adison Hicks, Graduate Student Assistant, “Housing Arizona: Meeting Development Challenges to Arizona’s Housing Shortage.” ASU Morrison Institute for Public Policy. November, 2022.
GLOSSARY
Attainable Housing
“Attainable housing is housing that is affordable to people earning around the Area Median Income (AMI). Households living in attainable housing and earning between 80% and 120% of the AMI should not need to spend more than 30% of their income on housing costs.” Erin Shine, “What Attainable Housing Means (Compared To Affordable).” https://www.attainablehome.com/what-attainable-housing-means-vs-affordable/ May, 2022.
Affordable Housing
“Affordable housing is priced below the market value and typically requires no more than 30% of a household’s monthly income to buy. Subsidies are provided, generally by the government, to lower the cost that occupants need to pay for affordable housing.” Erin Shine, “What Attainable Housing Means (Compared To Affordable).” https://www.attainablehome.com/what-attainable-housing-means-vs-affordable/ May, 2022.
