Portfolio Partner Profile
Fund to Preserve Affordable Communities (FPAC) II
The Fund to Preserve Affordable Communities II (“FPAC 2”), launched by the Low Income Investment Fund and the National Affordable Housing Trust (NAHT), is the second phase of the $100 million Fund to Preserve Affordable Communities (FPAC), which seeks to protect affordable housing for low income families across the nation. FPAC 2 will make flexible financing available to non-profit developers, enabling them to acquire, stabilize, and preserve affordable housing.
The US’s existing stock of affordable housing is rapidly declining and FPAC’s goal is to provide non-profit developers the capital necessary to acquire properties that are at risk of converting to market rate housing. FPAC’s capital will allow developers the time to refinance the properties in order to preserve their affordability while leveraging subsidies (e.g. LIHTC) in order to renovate/improve them as well.
Furthermore, the fund aims to facilitate the preservation and recapitalization of existing affordable multifamily housing, thereby encouraging long term stewardship and attentive ownership. FPAC 2 also seeks to make strategic physical improvements and renovations to the properties that will benefit both the owners and tenants.
Financing from FPAC 2 will be available to Stewards of Affordable Housing for the Future (SAHF) members. SAHF’s mission is to advance the creation and preservation of healthy, sustainable affordable rental homes that foster equity, opportunity, and wellness for people of limited economic resources. SAHF’s membership is composed of 13 leading non-profit affordable housing developers/managers that currently manage over 140,000 units of housing.
FPAC 2 investors include The Low Income Investment Fund (LIIF), National Affordable Housing Trust (NAHT), Mercy Loan Fund and Calvert Impact Capital.