MidPen Housing, one of Northern California’s largest affordable housing developers and owners, announced that Hello Housing has become an affiliate.
Since 1970, MidPen has developed more than 7,500 affordable rental homes. It owns nearly 100 properties worth well over $1 billion in real estate assets. The firm also delivers robust on-site programs and services to help its nearly 17,000 residents advance in all areas of their lives.
While MidPen has focused on affordable multifamily housing developments, Hello Housing’s specialty has been single-family properties.
Hello Stewardship, the flagship program of Hello Housing, helps cities and counties preserve and protect their existing portfolios of below-market rate homes and helps market-rate developers sell a percentage of their newly constructed homes at affordable prices to eligible buyers. To date, Hello Housing stewards nearly 1,000 homes across seven Bay Area cities.
The city of Oakland has been working with Hello Housing to pioneer innovative housing solutions. By repurposing abandoned parcels with tax liens, they are able to put them to work to create new homeownership opportunities.
“Between 2010 and 2014, the Bay Area added roughly half a million private-sector jobs but only 54,000 more units of housing,” said Oakland Mayor Libby Schaaf in a statement. “If we’re going to get our arms around the regional affordability crisis, we have to promote innovative multi-city solutions that produce more housing and homeownership opportunities for residents at every income level. I appreciate the work MidPen is doing in Oakland and hope that as they deepen their relationship with Hello Housing we can partner on innovative ways to increase homeownership among Oaklanders and bring permanent affordability to households that live here now.”
Hello Housing is a wholly controlled affiliate of MidPen Housing. The new relationship will combine the expertise of the two organizations to expand their range of affordable housing solutions.
“As we listen to our city and county partners, it’s clear that in order to help them meet the challenges they face, we need to augment the tools in our toolbox,” said Matthew O. Franklin, MidPen Housing president. “So I’m thrilled that Hello Housing, well-respected for their innovative single-family homeownership and rental programs, has become our affiliate. Together, we are able to provide our partners with the housing choices they need.”