The NeighborWorks America network of local nonprofit builders invested more than $1.9 billion in the development and preservation of affordable rental homes in fiscal 2015.
More than $710 million went specifically toward the construction of new affordable homes, according to the organization.
“Rents nationwide are increasing at a much faster pace than income, putting intense pressure on individuals and families struggling to balance their monthly budgets,” said Thomas Deyo, vice president of real estate programs at NeighborWorks America, in a statement. “NeighborWorks organizations have used a variety of financing arrangements, relying heavily on the low-income housing tax credit but also on innovative structures that acquire strategic existing affordable housing stock for preservation of long-term affordability as well as combining market-rate and commercial space components with affordable rental housing.”
More than 15,300 rental homes were constructed, acquired, and preserved in the fiscal year that end Sept. 30, 2015, while another 58,000 rental homes were maintained with investments in repairs.
There are approximately 240 community development organizations in the NeighborWorks network. Their total rental housing portfolio exceeds 140,000 homes.
“Nonprofit owners of apartments are very long-term owners committed to maintaining their homes as affordable rental housing,” Deyo said. “By continuously investing in their communities with new and preserved rental homes and making ongoing small dollar investments on an ongoing basis, NeighborWorks owners, that currently own and manage more than 140,000 homes, add to the supply of affordable rental housing while maintaining the quality of their properties, and the status of their buildings as community assets.”