RICHMOND, Va., March 22, 2021 /PRNewswire-PRWeb/ -- PadSplit, a mission-driven marketplace that helps solve the affordable housing crisis, is announcing its entry into the Richmond market, alongside a unique partnership with Anthem Healthkeepers Plus (Anthem). PadSplit's proven model addresses the housing crisis by aligning incentives between property owners, cities, businesses, and individuals who seek affordable housing.
PadSplit is entering the Richmond metro area with 12 units, all of which will be available to local individuals who require affordable housing after undergoing medical care and need assistance with a transition back into the community. This unique partnership with Anthem is a first of its kind for PadSplit and will serve as a model for community assistance programs that help local individuals who may be dealing with homelessness.
"At Anthem, we are committed to improving the lives of the people we serve and through this partnership with PadSplit, we will be able to address a need within the Richmond community," said Jennie Reynolds, Anthem Healthkeepers Plus Medicaid Plan President. "By working with PadSplit, we'll ensure that recently discharged individuals have access to quality, affordable housing and supportive services, which typically results in the most successful outcomes for the vulnerable populations we serve."
Founded in 2017 and headquartered in Atlanta, PadSplit provides shared housing – a "PadSplit" – with private, furnished bedrooms and fixed utility costs as well as access to 24/7 telehealth services so that members can obtain safe, clean, and affordable housing. PadSplit members average $25,000 in annual income and report $516 in monthly savings between housing, utility, and transportation costs. Each PadSplit home must meet specific design guidelines designed to exceed HUD standards, while members must pass a criminal background check and screening process to qualify.
PadSplit's model is overall designed to leverage housing as a vehicle for financial empowerment, and to that end, it has helped its members increase their credit scores by an average of 102 points. Many members have been able to save enough to purchase their own vehicles, move into their own apartments and even purchase their own homes, which they could then convert to PadSplits to begin the cycle for others.
"No matter what city or town you live in, or whether you're in an urban, suburban, or rural area, our nation's affordable housing crisis is only getting worse," said PadSplit founder and CEO Atticus LeBlanc. "It's impossible to build our way out of this crisis. Rather, we need out-of-the-box thinking — our shared housing model and our partnership with Anthem are the kind of creative solutions that can rapidly increase affordable housing supply while making a positive impact in communities."
In Atlanta, where it has more than 1,200 units, including single and multi-family properties, PadSplit has increased profitability by more than 60 percent for property owners by using existing housing stock as shared housing, which further incentivizes more affordable housing supply. PadSplit serves as a resident manager for all units handling the marketing and lead-generation, application and screening process, payment processing and collections, as well as a peer review system. These services allow owners to focus on increasing the supply of profitable workforce housing and less on managing day-to-day interactions with residents.
As PadSplit expands to Richmond, it will continue to grow its alliance of nonprofits and civic organizations that are working to house the vulnerable individuals they service. Through this initiative, called "Starting Point," nonprofits and government agencies are able to more quickly identify housing opportunities for their clients and save on placement costs. In addition to Anthem, PadSplit partners with Housing Families First and Safe Harbor in the Richmond metro area.
For more information about PadSplit, or to become a member, property owner or partner, visit PadSplit.com.
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About PadSplit
PadSplit is a mission-driven company that helps to solve the affordable housing crisis, one room at a time. Through its shared-housing model, the company aligns incentives between cities, nonprofits, and property owners to spur cost-effective housing creation without public subsidy, all while providing safe and affordable housing for working class individuals. PadSplit was founded by an affordable housing advocate and is advised by a team of nationally recognized housing leaders and investors including Enterprise Community Partners, the UC Berkeley Terner Center for Housing Innovation Lab, Kapor, Impact, Engine, and the Citi Impact Fund amongst others. Headquartered in Atlanta, PadSplit operates in several cities throughout the United States. For more information about the company or how to become a member or property owner, visit https://www.PadSplit.com.
About Anthem Blue Cross and Blue Shield
Anthem Health Plans of Virginia, Inc. trades as Anthem Blue Cross and Blue Shield in Virginia, and its service area is all of Virginia except for the City of Fairfax, the Town of Vienna, and the area east of State Route 123. Anthem Blue Cross and Blue Shield and its affiliate HealthKeepers, Inc. are independent licensees of the Blue Cross Blue Shield Association. ANTHEM is a registered trademark of Anthem Insurance Companies, Inc. The Blue Cross and Blue Shield names and symbols are registered marks of the Blue Cross and Blue Shield Association. Additional information about Anthem Blue Cross and Blue Shield in Virginia is available at http://www.anthem.com. Also, follow us on Twitter at http://www.twitter.com/anthemBCBS and on Facebook at http://www.facebook.com/AnthemBlueCrossBlueShield.
Media Contact
Hela Sheth, PadSplit, +1 (678) 938-1318, [email protected]
SOURCE PadSplit
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