Across the country, hundreds of thousands of existing scarce affordable housing resources are at risk of loss. In tight rental markets, conversion to market rate use threatens the stock as use restrictions and subsidy contracts for privately-owned, federally-assisted multifamily housing units expire. In weak markets, disinvestment and deterioration pose the greater threat. In either case, transfer of ownership to a non-profit preservation entity that will stabilize, rehabilitate, and recapitalize the property is the best means to preserve long-term affordability.
Preserving existing affordable housing plays a critical role in creating mixed-income communities and alleviating the pressures of displacement for low- and moderate-income residents. Our affordable housing preservation work takes a variety of forms depending on local needs and opportunities.
In Chicago, TCB was sought out by the Lorington Tenants Association and the Logan Square Neighborhood Association (LSNA) to serve as the developer and owner of the Lorington Apartments. TCB was responsible for financing, design and rehabilitation of the property, as well as securing and overseeing an experienced property management firm. TCB's preservation and substantial renovation of the Lorington is featured in the MacArthur Foundation's documentary "Seizing the Opportunity: Preserving Affordable Rental Housing":
In Boston, TCB has worked with tenants to prevent conversion to market rate use and avoid displacement of residents. In Worcester and New Haven, TCB purchased troubled properties, stabilized occupancy and raised management standards, saving existing stock from a downward spiral of neglect and deterioration. In Pittsburgh and Indianapolis, we are redeveloping large distressed housing, restructuring existing subsidies in innovative ways to support demolition and rebuilding at lower densities. Additional examples of our extensive and ongoing work in assisted housing preservation are available below.
For further information on our acquisition and preservation activities, click here.