Presentation on theme: "Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook."— Presentation transcript:
Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook
Nonprofit housing Primarily serve low- & moderate income households Blend corporate, philanthropic, & government funding Some government funding is earmarked for nonprofits
Nonprofit housing Produce assisted/subsidized housing: Income or needs guidelines to live in the housing Subsidize builder or resident Tend to offer a variety of resident services as well as develop housing
Nonprofit housing Community development corporations formed by residents, small business owners, congregations & other local stakeholders to revitalize a low- and/or moderate-income community produce affordable housing, create jobs, & provide social services in their target area
Nonprofit housing Community development corporations 501 (c) (3) Generally serve a target area May be involved in other economic or community development type activities
Community Housing Partners Corporation Community Housing Partners Corporation (formerly VMH, Inc.), founded in 1975, is a regional nonprofit corporation that strengthens communities and helps improve the lives of very low to moderate income families by providing affordable housing and related services through partnerships with the public and private sectors. Activities include multifamily development, management of its 2,500 unit portfolio in 37 rental communities, homeownership sales and counseling, energy management services, enterprise lending, at-risk youth residential treatment, and construction management and contracting for nonprofits, public housing authorities, and for-profit developers. Current assets exceed $79 million. CHPC has five offices in Virginia and a branch office in Tallahassee, Florida.
Nonprofit housing Area Wide Housing Nonprofit Large region, or no geographic area More focused specifically on housing Housing Partnership Network
AHC, Inc. Formed in 1975 as the Arlington Housing Corporation, AHC has since expanded beyond Arlington County to other parts of the mid- Atlantic region. Preserved or created close to 2,500 rental apartments and over 900 single-family homes, owning and operating 19 developments comprising 1,700 apartments. Provides construction and renovation services, operates its own property management company, and provides a wide array of resident services, including homeownership counseling and downpayment assistance.
Housing Partnership Network The mission of the Housing Partnership Network is to build affordable homes, better futures, & vibrant communities for low- and moderate-income people through partnerships with its member organizations & businesses, government, & philanthropic institutions.
Housing Partnership Network The Network has jointly developed three affiliated social enterprises with its members: the Housing Partnership Fund, Housing Partnership Ventures & Housing Partnership Insurance.Housing Partnership FundHousing Partnership Ventures Housing Partnership Insurance
Nonprofit housing Financial intermediaries Unique to nonprofit housing Distinctive characteristic is public-private partnerships Revolving loan funds, venture capital, equity partners & many unique sources of financing
Local Initiatives Support Corporation LISC approaches affordable housing from a community development perspective that supports local initiatives. This strategy, which includes financing, technical assistance & educational resources to community development corporations, has resulted in the creation or preservation of more than 160,000 affordable homes & apartments. Affordable housing covers a range of issues, from homeownership to preservation to working with public housing agencies. LISC runs a variety of national programs to address those issues.
Local Initiatives Support Corporation Low Income Housing Tax Credits Public housing Housing preservation Vacant properties
Enterprise Community Partners Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes & rebuild communities. For more than two decades, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations & others that share our vision. Enterprise has raised and invested $6 billion in equity, grants & loans & is currently investing in communities at a rate of close to $1 billion a year.
Enterprise Community Partners Creating fit, affordable housing is Enterprises main mission. Enterprise has helped low-income families either rent or buy 175,000 affordable apartments and homes. This work represents a $6 billion investment in communities that benefit from the stability homeownership & well-designed rental developments bring to neighborhoods. Understanding that housing is the first step to exiting poverty & entering the mainstream of American life, Enterprise also supports local efforts to increase the supply of quality child care, access to employment & safer streets in many of the communities in which we are active.
Enterprise Community Partners Green Communities is a five-year, $555 million initiative to build more than 8,500 environmentally healthy homes for low-income families. Created by Enterprise in partnership with the Natural Resources Defense Council, Green Communities will transform the way America thinks about, designs, & builds affordable communities. The initiative provides grants, financing, tax-credit equity, & technical assistance to developers who meet Green Communities Criteria for affordable housing that promotes health, conserves energy & natural resources, & provides easy access to jobs, schools & services.
Living Cities: The National Community Development Initiative Living Cities is an investor collaborative of 15 major financial institutions, foundations & government agencies committed to the revitalization of Americas great urban centers. In partnership with city residents, state & local governments, & both the commercial and nonprofit sectors, Living Cities helps create strategic investment opportunities that result in better & safer local housing & a more welcoming environment for business expansion.
Housing Counseling Homeownership education Integrated into the home buying process HUD certified agencies
Nonprofit versus Profit Nonprofit Community development Geographic area Many are small & less well capitalized Complex financing Profit Housing focus Broader market Economies of scale Direct financing
Nonprofit Fact of Life: …no single existing public sector housing subsidy program provides deep enough assistance to make housing affordable for those [the lowest income] families.
Challenges for Nonprofit Housing Organizations The supply of low-cost housing cannot keep up with the demand in the face of rapidly increasing housing prices without substantial input of federal, corporate & philanthropic dollars
Challenges for Nonprofit Housing Organizations Success brings competition Revitalized neighborhoods bring investors, new capital – and rising prices Increasingly sophisticated organizations means better trained & qualified staff – who can be lured away to the private sector
Challenges for Nonprofit Housing Organizations Funding is particularly an issue for: Operational costs Staff training & retention Community development Housing management