Affordable housing gets a $50M window of opportunity.A $50 million, 10-year commitment to preserving and improving affordable rental housing nationwide was announced by the John D. and Catherine T. MacArthur Foundation John D. and Catherine T. MacArthur Foundation, philanthropic institution founded 1978 by John D. MacArthur (1897–1978), owner of a prominent insurance company and other businesses, and his wife Catherine T. . The immediate goal of this initiative entitled "Window of Opportunity: Preserving Affordable Rental Housing" is to help large non-profit housing Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Non-profit housing uses private funding and government subsidies to support a rent-geared-to-income program for low-income tenants. organizations purchase and maintain 100,000 units of existing affordable rental housing that might otherwise deteriorate or become too expensive for low-and moderate-income households. Long-term objectives include demonstrating that preserving affordable rental housing offers cost-effective benefits for families, communities and regional economies; encouraging additional public and private investment to preserve affordable rental housing; and stimulating public policies to preserve at least one million units of affordable rental housing. Specifically, the initiative's investments include a total of $5 million in grants aimed at supporting research, policy analyses and public education in order to improve understanding of the pressures on the supply of affordable rental housing and strategies to address them. As part of this investment, NHC's research affiliate the Center for Housing Policy received $750,000 for the purpose of conducting further research on the housing needs of America's working families, including immigrant working families. This Center grant also will be used in developing a new research effort examining the effects of housing mobility and cost on the social, educational and health outcomes of children. "We are pleased that the MacArthur Foundation MacArthur Foundation: see John D. and Catherine T. MacArthur Foundation. has selected our research affiliate the Center for Housing Policy, and several NHC NHC National Hurricane Center NHC Naval Historical Center NHC National Housing Conference NHC National Hurricane Conference NHC National Healthcare Corporation NHC No Homers Club (Simpsons cartoon) members, to be part of this important housing initiative," said NHC President Conrad Egan. "The Foundation's investments will help ensure that the affordable housing needs of America's low-and moderate-income working families are met over the next decade." Another $35 million in grants and low-cost loans will be provided to national and regional nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that own and operate large rental housing portfolios for acquiring, refinancing and renovating rental housing that might otherwise become too expensive or run-down run·down n. 1. A point-by-point summary. 2. Baseball A play in which a runner is trapped between bases and is pursued by fielders attempting to make the tag. adj. also run-down 1. a. to remain available to low- and moderate-income households. An additional $10 million in low-cost loans will help specialized lending intermediaries finance transactions for these and other nonprofit owners across the country. NHC members that received research-related grants as part of this overall initiative include the California Housing Partnership Corp; Harvard University's Joint Center for Housing Studies; Johns Hopkins Noun 1. Johns Hopkins - United States financier and philanthropist who left money to found the university and hospital that bear his name in Baltimore (1795-1873) Hopkins 2. University's Institute for Policy Studies; National Housing Trust; National Low Income Housing Coalition; and Recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. Advisors. |
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