Columbus, Ohio (PRWEB) January 26, 2016
National Equity Fund (NEF) and National Church Residences announce a new partnership to create a $50 million Affordable Housing Investment Fund. NEF is providing $45 million for the fund that will be used to acquire existing affordable senior housing communities so they can be renovated and preserved. The first investment using the fund was finalized on December 31, 2015, using $3.68 million to purchase Big Bethel Village in Atlanta.
The fund gives National Church Residences, a not-for-profit organization, the ability to act rapidly when it spots opportunities to acquire and preserve affordable housing for seniors.
“The resources needed to create new affordable senior housing continue to shrink. The traditional source for funding, the HUD 202 program, was recently zeroed out in the federal budget,” explained Michelle Norris, president of the National Church Residences Development Corp. “Preserving the affordable senior housing communities that already exist is so important, especially since 10,000 people per day are turning age 65.”
“Our elderly population is not only growing at a rapid rate but the number of seniors living in poverty is rising,” commented Joseph S. Hagan, president and CEO of NEF. “By continuing to support the availability of affordable, safe and decent housing through our partnership with National Church Residences, we’re helping to provide viable options for our seniors to enjoy healthier, more fulfilling lives.”
National Church Residences, which provided $5 million in the fund, seeks to deploy the money within three years. In addition to Big Bethel Village, the fund is expected to be used to invest in Antioch Tower in Cleveland and Clinton Place in Mt. Clemens, Mich., during the first quarter of 2016.
“Thanks to this new ‘quick strike’ financing resource, we can be more responsive to acquisition opportunities. We are open for business!” Ms. Norris said.
About National Church Residences
National Church Residences is committed to excellence that transforms the lives of the people it serves. The not-for-profit organization is an innovative leader in integrating housing, health care and supportive services, serving seniors of all income levels and families. With 340 communities in 28 states and Puerto Rico, National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing. It also operates full-service retirement communities in Ohio and Florida, as well as supportive housing for the formerly homeIess and disabled in Ohio and Georgia. The National Church Residences model of person-centered care includes adult day health, assisted living, senior housing, skilled nursing homes, rehabilitation center, outpatient therapy, home health care and hospice. For more information, visit http://www.nationalchurchresidences.org.
About National Equity Fund
National Equity Fund, Inc. is a leading syndicator of Low Income Housing Tax Credits. The Chicago-based non-profit is an affiliate of the Local Initiatives Support Corporation and has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for close to 30 years. It has invested $11.4 billion in 2,300 LIHTC developments, creating approximately 140,000 affordable homes for low-income families and individuals. For more information, visit http://www.nefinc.org/