Benjamin “Ben” Shoval’s investment company, Shoval & Co., has a substantial real estate portfolio that has been primarily focused on affordable housing since 2009. As president, Ben Shoval led the acquisition and rehabilitation of affordable housing properties that have since been fully tenanted.
The United States Department of Housing and Urban Development describes affordable housing as costing no more than 30 percent of the occupant(s) income, including utilities. This number may vary in different locations, but serves well as a general rule of thumb. Families who must pay more than 30 percent of their income for gross housing costs may encounter difficulty affording food, transportation, medical care, and other of life’s necessities.
More affordable housing is necessary as a quality of life issue in the US, as an estimated 12 million renters and homeowners are currently paying more than 50 percent of their incomes for housing. No where in the United States can a full time worker earning minimum wage afford local fair-market rent for a two-bedroom dwelling by the standard of the 30 percent of income rule.