National Church Residences and the National Equity Fund have partnered to create a $50 million Affordable Housing Investment Fund.
NEF is giving $45 million to the fund in order to acquire existing affordable senior housing communities with plans to renovate. The first investment was using $3.68 million to purchase Big Bethel VIllage in Atlanta in December.
National Church Residences provided $5 million in the fund and wants to deploy the money within three years. It plans to invest in Antioch Tower in Cleveland and Clinton Place in Mt. Clemens, MI, during the first quarter of 2016.
“The traditional source for funding, the HUD 202 program, was recently zeroed out in the federal budget,” explained Michelle Norris, president of the National Church Residences Development Corp. “Preserving the affordable senior housing communities that already exist is so important, especially since 10,000 people per day are turning age 65.”
National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing.
