Springboard Housing Enters Agreement to Purchase Multifamily Property

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Florida Apartment Complex is Agency’s First Venture Into Affordable Housing

Springboard Housing has agreed to purchase a 240-unit affordable multifamily housing property in Orlando, Florida.

Springboard’s mission is to preserve, maintain and improve the quality and availability of the nation’s affordable housing supply, and we believe Orlando is the ideal location to launch our program.

Springboard Housing LLC, the new housing subsidiary of Springboard Nonprofit Consumer Credit Management, Inc., (“Springboard”) has agreed to purchase a 240-unit affordable multifamily housing property in Orlando, Florida. The purchase represents the first acquisition for Springboard Housing and its $25 million Affordable Housing Fund, the investment vehicle for Springboard’s bold entry into the affordable housing market. The unique private placement fund merges the equity of private financiers with Springboard’s 38-year history of nonprofit housing counseling and management experience to create an extraordinary platform that distributes a solid return to investors while simultaneously providing for the development and management of affordable housing in a socially responsible environment. Recognized as one of the largest nonprofit housing and consumer credit counseling agencies in the nation, Springboard is entering the multifamily housing market to meet the nation’s growing demand for quality and affordable rental housing.

“We are tremendously excited to have this opportunity to offer affordable rental housing while implementing a Social Conscious Management℠ approach to managing rental communities,” said Lyle Lansdell, president of Springboard Housing. “Springboard’s mission is to preserve, maintain and improve the quality and availability of the nation’s affordable housing supply, and we believe Orlando is the ideal location to launch our program,” said Lansdell.

Springboard will offer its residents an array of on-site social services, including classes on adult financial literacy, transportation assistance and early childhood programs, while providing an affordable living environment. Orlando is Florida’s fifth largest city, and has seen a tremendous population increase in the four-county metropolitan area while also experiencing a reduction in affordable housing stock.

For more information on Springboard Housing, please visit their web site at http://www.SpringboardHousing.org, or contact Melinda(dot)Opperman(at)springboard(dot)org.

About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management, Inc. (“Springboard”) is an IRS 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is an approved housing counseling regional intermediary by the U.S. Dept. of Housing & Urban Development, and is accredited by the Council on Accreditation signifying the highest standards in the industry for agency governance, fiscal integrity, counselor certification and service delivery policies. In addition, Springboard is a member of both national industry associations; the National Foundation for Credit Counseling and the Association of Independent Credit Counseling Agencies. Springboard offers personal financial education and confidential counseling in foreclosure prevention, rent, reverse mortgage, pre-bankruptcy and debtor education, and debt and money management. Springboard provides telephone counseling services nationwide, and maintains offices in California, Arizona, Nevada, New Mexico, Texas, South Carolina and Massachusetts for in-person sessions. Not all types of counseling are available at all locations. For more information on Springboard, please visit their web site at Springboard.org.

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