JV Forms to Attack Affordable Housing
RIVERSIDE, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Springboard Nonprofit Consumer Credit Management Inc. and Money Management International establish a joint venture to address the affordable housing crisis in the US. Through a $25 million dollar initiative, the nonprofit organizations aim to assist 5,000 families by providing affordable housing units in select markets across the nation.
According to HUD, there are 12 million American households paying more than 50% of their gross income on rent. In addition, nearly 1.5 million low to moderate-income housing complexes will lose their benefits in the next two years due to regulatory expirations.
According to a prepared statement, this increase in the need for affordable housing and the decrease in available units creates a unique opportunity for housing counseling organizations to get involved by providing financial education and resources that are designed to not only provide affordable housing, but also assist in empowering individuals and families to find solutions to their financial concerns and elevate their overall quality of life.
“As an organization that has assisted nearly 600,000 struggling consumers through housing counseling services since the beginning of the financial crisis, we understand the hardships and the incredible financial strain faced by those in need,” says Ivan Hand, president and CEO for MMI. “We also know what it takes to assist these families in understanding their options and ultimately securing affordable housing.”
Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.