Eviction Prevention: It’s at the Heart of our Work
Evictions are challenging. And every eviction costs money to the resident as well as our entire community. We recently engaged Ernst & Young to study the impact of our Eviction Prevention services for residents. Better understanding this program—which is at the core of our Advantage Services model—helps us talk with our partners and the community about the value of preventing the life-altering, negative impacts of eviction.
While the issue of eviction is complex, the big takeaway from this Social Return on Investment (SROI) study is simple: for every $1 we invest in keeping residents stable, the community realizes a savings of $4 in decreased assistance to evicted individuals and families.
With more than 14,000 people experiencing homelessness on any given night in Minnesota, we’re dedicated to advocating for and helping others understand the impact of eviction prevention. We’re part of solutions that prevent further instances of homelessness and its long-term negative impacts on health and educational outcomes.
Over the course of one year, CommonBond serves more than 7,000 households. We specifically provide eviction prevention services to approximately 450 of those households. The people in these 450 households have an average income of $16,000, which indicates why roughly 80% of eviction risks are due to financial issues. In line with national trends, 70% are female-headed households with children.
The SROI study found that for every $1 invested in our eviction prevention programs, the community saves $4.
Of the households who had a lease violation at a CommonBond property in 2017, 83% remained stable for at least another year. This means we worked with individuals and families to resolve 381 situations that would have resulted in evictions at many other places.
So far in 2018, 88% of those with a lease violation are maintaining housing at CommonBond or had a positive exit. We’re proud of this continued work and know it returns value to residents and to communities. And, we’ve got more good to do!
Last week we met with a group of community leaders and organizations to review our SROI study, and you can find a recording of this conversation here. We are proud to be part of a community of people who understand that quality housing and supportive services go hand-in-hand. Through mission-focused property management, proactive relationship-building, and collaboration with other organizations we are able to provide the support residents need. Unfortunate circumstances happen for all of us, and without a support system, it’s hard to see hope in the road ahead.
Join us by sharing this video on housing stability, and learn more about the SROI by reading the 2-page summary and the full report. Together we can serve 15,000 people by 2025. Let’s keep going!