Rent owed by affordable housing units more than doubled during the first year of the pandemic, and that the portion of families facing a severe rent burden jumped even higher.
Colorado’s kids need our help.
Our state is not just dealing with the continuing health, social and economic impacts of the COVID-19 pandemic.
Data from the most recent America’s Health Rankings shows that even before the pandemic started, Colorado youth had comparatively low high school graduation rates (ranked 44th in the country), and higher rates of teen suicide (43rd in the country).
Most public health challenges such as these have been exacerbated this past year, as COVID has undermined normal, healthy routines by isolating people from one another and causing higher levels of anxiety and depression.
To help address these issues, Rocky Mountain Health Plans, a UnitedHealthcare company, recently announced a $30 million donation to increase access to health care and support communities across Colorado.
“We did not see that the transformation [was] happening as quickly as it was happening,” he says.
Now, groups such as Urban Housing Solutions (UHS) are doing what they can to keep affordable apartments on the market. Last month, the group finalized a deal to purchase two apartment buildings between downtown Nashville and Nashville International Airport, with the goal of keeping all of their units affordable for the next 30 years. The acquisition is being financed with a $19.2 million loan from Regions Bank, and, for the first time in Nashville, four philanthropic foundations have agreed to commit portions of their endowments as collateral in order to guarantee the loan. The combined $2 million loan guarantee helped UHS close the deal more quickly, Elrod says. That’s an important leg up in a market where private investors with ready money already have a steep advantage. Typically, UHS and other nonprofit groups have to compete for property with for-profit groups that have more
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NEW YORK, May 19, 2021 /PRNewswire/
Red Stone Equity Partners LLC ( Red Stone Equity or the Company ), a privately-owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, announced the closing of
Red Stone Equity – Fund 84 Limited Partnership ( Fund 84 ), a $207-million multi-investor Low Income Housing Tax Credit ( LIHTC ) investment fund. Fund 84 is the 18
th and largest Red Stone Equity multi-investor fund offering to close since the Company s inception and includes investments from 12 different institutional investors, 11 of which are repeat Red Stone Equity investors and one of which is a first-time Red Stone Equity investor. Fund 84 s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation more than 1,600 units of affordable rental housing contained within 23 properties located in 11 different states. With th