To preserve affordable rental housing, Edge Fund lent to Partners in Housing development to acquire two multi-family properties, The Gladstone Apartments on East Washington St., and the Crown Point Apartments on 38th St. This loan will ensure the preservation of 71 affordable housing units in low- and moderate-income census tracts.
It is common for developers to switch affordable housing apartments into market-rate after a federally required affordability period ends. It is also common for developers to defer needed facility maintenance when no Federal, state and local governmental entity is monitoring for safe, affordable, and decent housing. the Changing status of affordability affects residents and can lead to homelessness.
Edge Funds BridgeSmart Acquisition Bridge Loan Helped Partners in Housing to acquire the Gladstone & Crown Point apartments that were on the tail end of affordability periods. Edge Fund’s loan product provides time for the developer to pull together a new Low Income Housing Tax Credit (LIHTC) project preserving the affordability of the site.