A New Road to Opportunity for Low Income Families
National Affordable Housing Trust closes first two properties in Pay for Success Fund: Incorporating Resident Service Coordination with Family Housing.
Columbus, OH. Wednesday, February 15, 2017. Community leaders, social service providers and policymakers all agree that stable housing plays a key role in the success and overall quality of life for individuals. With a focus on leveraging housing as a platform to ensure access to social services opportunities for low-income families, National Affordable Housing Trust (NAHT) is proud to announce the closing of Abbey Church Village and Hillside View Apartments. NAHT closed on both properties in partnership with Goldman Sachs Bank, National Church Residences, and The Community Builders (TCB).
Equity financing for the renovation of Abbey Church and the rehabilitation of Hillside is being provided by the Strong Families Fund (SFF). SFF uses a Pay for Success model to include Resident Service Coordination (RSC) as a part of the development plan. This model requires the collection and analysis of impact outcomes of the RSC efforts with residents from both Abbey Church and Hillside View.
The Strong Families Fund is a ten-year initiative of the Kresge Foundation, Robert Wood Johnson Foundation (RWJF), Corporation for Supportive Housing (CSH), Stewards of Affordable Housing for the Future (SAHF), The Community Development Trust (CDT), Goldman Sachs, and NAHT. The purpose of SFF is to stimulate and support innovate strategies to design, deliver, and measure the impact of Resident Service Coordination for families. The long term goal is to identify new and sustainable funding models and strategic partnerships to support the delivery of effective RSC that expands service opportunities available for residents.
Prior to the launch of the Strong Families Fund, SAHF began the Outcomes Initiative to demonstrate the impact that stable affordable housing integrated with services has on residents. By providing access to support services, SAHF members have shown that service-enriched housing offers opportunities to residents that can help them improve their lives, increase the success of children in school and live independently and with dignity.
“The Strong Families Fund presents a unique approach of using a Pay for Success model with Tax Credit syndication,” stated Lori Little, NAHT VP, Director of Capital Markets and Investor Relations. She continued, “The long term funding of a Resident Services Coordinator as part of the Strong Families Fund as well as the commitment to measure impact presents a unique opportunity to provide support and data analysis of service impacts.”
As a collaborative, NAHT, SAHF and SAHF Members have created a common framework for members to demonstrate the impact on residents of stable affordable rental housing and services. Through on-site services, community partnerships and focused resident engagement strategies, SAHF and its members support residents in achieving critical health and wellness, financial stability, education and employment outcomes.
“SAHF and its members, including National Church Residences and The Community Builders, are committed to providing a path to opportunity through their housing and services to families across the nation,” stated SAHF’s CEO and President, Eileen Fitzgerald. She continued, “Our Outcomes Initiative, which supports the Strong Families Fund, has provided leadership in developing common metrics of success and in collaborating, to provide the best and most impactful services and service coordination possible.”
“The Strong Families Fund recognizes that an affordable home is the foundation to provide a family with the economic security to break the cycle of poverty," said Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group. "The quality rental housing being financed also provides service coordination for residents with the goal of improving healthcare access, financial literacy and educational attainment, further demonstrating the important role affordable housing can play in improving the overall well-being of low-income families.”
Abbey Church Village is a 160 one-, two-, and three-bedroom unit apartment community. In addition to updating the existing units, the rehabilitation includes an expansion of the community space to accommodate a new Resident Services Coordinator. Abbey Church is owned by National Church Residences and is located in Dublin, Franklin County, Ohio. National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing and services. With over 340 communities in 28 states and Puerto Rico, National Church Residences also provides health care in Ohio and Florida, including the operation of Senior Living Communities and permanent supportive housing for the formerly homeless and disabled.
Michelle Norris, EVP of External Affairs and Strategic Initiatives at National Church Residences had this to add about the project, “At National Church Residences, we focus on leveraging the value of our quality housing in conjunction with resident service coordination for improved health outcomes. So many organizations are heroes in the Strong Families Fund and we are proud to be part of it.”
Hillside View Apartments consists of 58 units in eight buildings. The project will include the adaptive reuse of two historic school buildings, the gut renovation of three duplex buildings and the new construction of one four-family residence and two six-family residences. Hillside is owned by The Community Builders and is located in Schenectady, NY. TCB is one of America’s leading nonprofit real estate developers and owners. More than 11,000 families and seniors in 14 states call a TCB community home. The organization provides high-quality housing while implementing neighborhood-based models that drive economic opportunity for residents.
“At The Community Builders, we believe that quality, affordable housing is the key to creating strong communities. The development and rehabilitation of Hillside View Apartments under SFF is another reflection of our commitment to connecting our residents with resources that can help them access opportunities.” stated Bart Mitchell, President and CEO of TCB.
NAHT believes that affordable multifamily housing coupled with supportive service coordination can serve as the foundation to achieve success for low income families. Through the Strong Families Fund, NAHT and its partners will not only improve residents’ lives, but will use the reported outcomes to examine housing as both an economic and social investment; and to help shape future public policies and programs.
NAHT has provided low income housing tax credit syndication and development advisory services for thirty years. They focus on finding creative ways to provide sources of capital for SAHF Member and other Non Profit Developer projects and initiatives. The Strong Families Fund is an example of this effort, and NAHT is proud to bring this project to the market.
For Media Inquiries, contact: Heather Holland, [email protected], (614)917-2864