Social housing or public housing is normally administered by the government of the country in order to provide housing to the low income household. Government provides public housing at a relatively lower rate for the families to live in more convenient way in reasonable rents.
Social Housing in USA:
In United States of America, public housing is usually complexes & building with apartments. Government operates these complexes and ensures they are maintained time to time. More than 1.2 million households are currently residing in social house of USA.
Public housing is often seemed as the housing of last resort, if the public housing is substantially increasing and the homeless are still constant, it exhibits negative performance of the economy. People shifting into public housing exhibit deteriorating economic circumstances. Vice versa, if number of homeless is decreasing and there is a hike in public housing then it shows a positive outlook of the economy.
Public housing usually has an income requirement for an individual to qualify of these facilities. This practice often creates poverty being concentrated in one area only. As everyone living in a neighborhood will be earning lesser than a certain amount. Poverty is concentrated in an area resulting in further depression and less chances to establish the economy through business and job creation.
Various studies have exhibited how white and black poverty were concentrated at a certain area breeding higher crime rates and poverty on an overall level.
Normally African Americans has hard time living their living because of they were entrenched in poverty. These circumstances and public housing resulted in racial segregation between the countries as a particular race was concentrated in an area based on their financial circumstances.
Health and Safety:
Public housing units’ primary purpose was to accommodate as many as possible at the most affordable prices. Trade off with this approach was that the public housing was not up to the standard mark of construction. Poor insulation roofing, electricity and plumbing resulted in health and safety hazards for the population.
General study shows how various fungi, molds and mite got common among the public housing as compared to the national average.
After the factors explained earlier, another aspect related to all of them is crime. When poverty rises and health safety situation deteriorates individuals are pushed in the darkness of crime. It was clearly observed how crime rates in the public housing were relatively higher as compared to the rest of the country.
Government failed to provide reasonable education to the public housing resident. Even though schools were relatively similar with almost identical services still students of the public housing were less likely to get an A grade as compared to the students of some other area studying in a similar school. Reason of this gap could be concluded as financial distress, poverty, lack of motivation etc.
Financial Reporting for Social Housing:
Financial reporting can help the help the public housing entities to get a segregation of their financials, resulting in a better decision making scenario. WeAccountax is an online accounting firm provides reporting and adjacent business consultancy services to various clients across all industry. If public housing will be monitored on constant basis, government will find ways to resolve most of their issues.