Approach to Disposition/Year 15
Project Disposition Philosophy
With the national rental housing stock losing more affordable units than it gains each year—and at a time when demand for rental homes is increasing—preservation is absolutely critical. It is the only way for us to address the tremendous ummet need for affordable housing.
NEF’s focus on preservation began in the late-80s with our strong support for inner-city rehab efforts that helped revitalize neighborhoods and provide low-income renters with access to decent homes within their means. That continued over the intervening 20 years with our ongoing work to finance hundreds of new preservation projects nationwide, and with our flexible approach to year-15 dispositions through which nearly all our expiring use properties remain as affordable housing.
Beyond the units they impact, preservation projects are also about protecting the character of communities. These projects transform deteriorating properties from eyesores to assets. They improve the streetscape. They protect the interest of firmly rooted residents. In areas already seeing significant gentrification, they make it possible for lower income tenants to remain in their communities, despite the temptation for owners of market-rate rents.
Our preservation investments are underpinned by the significant work being done by out parent, LISC, to both support predevelopment efforts and promote effective policy measures.
Review the complete Year 15 step-by-step transition plan.
Download Year 15 Transition Plan
Featured Project: Seneca SRO
This $15 million project exemplifies both collaboration and creative financing that addresses a dire housing shortage in Buffalo, N.Y. Developed by two organizations with stellar track records -- DePaul Group and STEL -- in providing supportive housing for persons living with psychiatric disabilities and other special needs populations, the 75-unit Seneca SRO was built upon the former site of an asbestos-ridden bowling center, and it is one of the first projects to leverage tax credits and private debt with OMH funding.
View project profile.
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