Nonprofits Unite to Preserve Affordable Housing

After having raised $100 million from Citi, Morgan Stanley, Prudential Financial, Inc., the John D. and Catherine t. MacArthur Foundation and the Ford Foundation, the new Housing Partnership Equity Trust (HPET) is collaborating with 12 nonprofit housing providers to invest in affordable rental housing. The goal is to provide low-cost funding for nonprofits that are acquiring units to house people of modest means, according to housingfinance. Capital will be available to repair damaged structures. The program will target communities with access to public transportation and other necessities, without tapping into government subsidies or the low-income housing tax credits (LIHCT). Although these nonprofits do utilize that program as well, HPET provides a quicker alternative. MHProNews has learned the initial 12 nonprofit members of HPET are AHC Housing, Inc.; BRIDGE Housing Corp.; Chicanos Por La Causa; Community Preservation and Development Corp.; Eden Housing, Inc.; Hispanic Housing Development Corp.; Homes for America, Inc.; LINC Housing Corp.; Mercy Housing; Nevada HAND, Inc.; NHP Foundation; and National Housing Trust/Enterprise. Cynthia A. Parker, Chair of the HPET board and CEO of Bridge Corp. says, “Too many affordable properties are being lost due either to gentrification or neglect. By providing a ready source of funds, enabling BRIDGE and similar organizations to acquire properties, HPET is the answer that so many community development organizations have been looking for to address the pressing need to preserve and improve our existing stock of affordable rental housing.” The first project is already underway in Aurora, Ill.

(Photo credit: zimbio)

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