HOUSTON, Jan. 27, 2021 /PRNewswire-PRWeb/ -- PadSplit, a mission-driven marketplace that helps solve the affordable housing crisis, is announcing its entry into the Houston metro area. PadSplit's proven model addresses the housing crisis by aligning incentives between property owners, cities, nonprofits and individuals who seek affordable housing. As demand for affordable housing grows as a result of the pandemic, PadSplit's launch into the market will not only provide safe, clean and affordable options for frontline workers, but also increase profitability for property owners. Interested real estate investors or property owners can sign-up at PadSplit.com to learn more and become a host.
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 for workers and retirees earning less than $35k/year. Each PadSplit room includes furniture, utilities, wifi, laundry and 24/7 access to telemedicine as well as credit reporting to help improve credit scores. PadSplit serves as a resident manager for all units, including those it does not own, 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.
To benefit cities, PadSplit has saved taxpayers more than $203M in capital subsidies alone by eliminating the costs that would have been required to create the same number of subsidized units.
Because of the fixed, all-inclusive costs and affordable weekly payments, as well as the fact that homes are located closer to job centers, PadSplit's members have been able to save an average of $516 per month between housing and transportation costs. By having a lower rent burden, many PadSplit members have been able to purchase their own vehicles, build their credit histories, graduate into their own apartments, and several have even purchased their own homes – and are subsequently converting them into PadSplits. PadSplit members average $25,140 in annual income and include "essential" workers such as teachers, security guards, grocery store and restaurant employees.
"PadSplit believes that the workers who serve our communities deserve an opportunity to live in them," said founder & CEO Atticus LeBlanc. "Our model balances the needs of those who seek affordable housing with actually increasing profits for property owners, all without the use of additional taxpayer dollars. For years, Houston has created effective policies in support of affordable housing, and we're excited to now introduce PadSplit to the market as another successful approach."
As PadSplit expands to Houston, it will also continue to grow its alliance of nonprofits 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.
For more information about PadSplit, or to become a member, property owner or partner, visit PadSplit.com.
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 PadSplit.com.
Media Contact
Hela Sheth, PadSplit, +1 (678) 938-1318, [email protected]
SOURCE PadSplit
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