Supporting Affordable Housing Across the US
December 05, 2019
This week we announced our investment providing capital for the second phase of the $100 million Fund to Preserve Affordable Communities (FPAC). This fund is aimed at protecting affordable housing for low income families across the nation. Along with the Low Income Investment Fund (LIIF), National Affordable Housing Trust (NAHT), and Mercy Loan Fund, we will make $28 million available to Stewards of Affordable Housing for the Future (SAHF) members, who represent some of the nation’s top affordable housing developers.
This second phase builds on FPAC I, launched in 2017, which deployed $40 million to acquire and preserve 647 units of affordable housing. As such, FPAC 2.0 provides continued access to flexible capital that will allow borrowers to move quickly to acquire properties at risk of converting to market-rate housing. This is particularly critical in highly competitive markets where the supply of affordable housing for low income households is increasingly limited, and nonprofit developers are often unable to quickly obtain funds to compete with for-profit buyers. By providing this critical, early-stage financing, FPAC 2.0 will allow affordable housing developers to ensure long-term affordability for residents and help stabilize communities around the country.
This deal fits squarely within our affordable housing sector strategy. Access to safe, stable housing is a critical determinant of a person’s and family’s health, happiness, and economic future. By providing flexible capital in support of affordable housing development and preservation, we can help organizations meet the housing needs of their communities for low- and moderate-income individuals and families.
Want to learn more about the Fund to Preserve Affordable Communities? Check out their portfolio page.