Affordable housing is out of reach for too many Americans.
The U.S. has a shortage of 7.3 million affordable rental homes available to renters with extremely low incomes, according to the National Low Income Housing Coalition’s “The Gap” report. These renters are our family members, our friends, and our neighbors.
New development alone cannot fill this gap. Many states are losing more affordable units than developers can produce due to limited public subsidy, aging stock, high interest rates, and more. For example, in Indiana from 2022 to 2023 the number of extremely low-income households increased by 10,660, but affordable rental homes available to them decreased by 7,862. Most often, this happens when the property’s affordability period expires.
“There’s public pressure to create new affordable housing—and that’s certainly important—but it must be done in conjunction with the preservation of existing housing stock,” says David Barrett, president of Glick Housing Foundation, an Indianapolis-based public charity providing affordable apartment homes with a focus on supporting resident well-being. Barrett is also the chairman, president, and chief executive officer of the Gene B. Glick Company, one of the nation’s largest privately held real estate ownership, development, and property management firms. The Glick Housing Foundation portfolio is managed by the Glick Company. “To work toward closing the affordable housing gap, the public and private sectors must value preservation as much as new development and reimagine subsidies and supports to make these efforts possible.”
So, what goes into preservation? For Glick Housing Foundation, preservation means ensuring that existing affordable housing remains available and accessible to those who need it through acquisition, rehabilitation, and commitment to long-term ownership.
Consider Bradford Lake, a 358-unit affordable apartment community built in 1971 in Indianapolis.
In 2021, Glick Housing Foundation acquired Bradford Lake as part of a seven-property portfolio. Since this acquisition, Glick has focused on rehabilitating the property and improving the resident experience.
Glick Housing Foundation invested about $40,000 per residence—totaling $14.3 million—to update kitchens, bathrooms, doors, HVAC units, roofs, and parking lots, and to improve ADA accessibility. These updates, supported by low-income housing tax credits issued by the Indiana Housing and Community Development Authority, will extend the property’s affordability period for another 15 to 30 years.
In addition to rehabilitation, Glick Housing Foundation invested in resident support directly by leveraging tax incentives provided by the city of Indianapolis. All residents can access on-site case management through service coordinators, tailored programming and engagement, and basic needs support—all at no cost to the residents. Glick’s resident services program is certified through the Certified Organization for Resident Engagement & Services (CORES) program, which is operated by Stewards of Affordable Housing for the Future (SAHF).
“Affordable, quality housing is fundamental for a just and equitable society,” says Alexandra Nassau-Brownstone, vice president of resident outcomes and CORES. “Especially when paired with services, stable housing can reduce racial disparities, improve outcomes, and offer residents opportunities to build agency and resilience. Not only does the CORES certification demonstrate an organizational investment in resident services capacity, a commitment to robust resident engagement models, and the prioritization of resident impact, but it also unlocks opportunities for partnerships, funding, and financing.”
Together—as developers, owners, property managers, and industry leaders—we must prioritize resident-centered preservation as essential to closing the affordable housing gap. There is no greater need for our lowest-income neighbors than a safe, stable place to call home.
To learn more about Glick Housing Foundation’s approach, visit GlickHousing.org.
