There is a clear need for affordable housing developments in the United States. According to the National Low-Income Housing Coalition (NLIHC), there is a shortfall of 7 million affordable housing units available to rent for extremely low-income renters—families with household incomes at or below the poverty level, or at 30% of the median income of their area.
The PSP Lending Program seeks to fill the affordable housing gap by investing in properties benefiting individuals and families earning less than the area’s medium income. Certain properties focus on supporting higher risk disadvantaged communities including individuals with special needs, seniors and veterans.
Clark-Estes Apartments—Affordable Housing with a Focus on Resident WellnessWespath invested in a loan for the Clark-Estes Apartments, a 54-unit affordable housing development in a Chicago-based neighborhood. The property will offer residents support services provided by dedicated staff in the areas of job readiness, health, wellness and education, with a special focus on mental health. |
The program invests in facilities that service low- and moderate-income individuals, including transitional shelters for the homeless and healthcare centers.
237 Landing—Helping Men Transition Out of HomelessnessWespath invested in a loan providing financing for 237 Landing, a 200-bed transitional shelter for homeless men in Bronx, New York. The shelter provides independent living training, food service, transportation and counseling. The operator of the shelter also provides employment counseling and training to residents. |
Image Source: Bowery Residents’ Committee |
The program invests in institutions that provide microfinance loans to individuals in developing regions—including Latin America, Eastern Europe, Southeast Asia and Africa—who have little or no access to traditional financial services.
Shared Interest—Building Small Business to Provide a Path Out of PovertyThrough Shared Interest, loans are made to entrepreneurial borrowers like Zanele, a member of a fruit-growing cooperative in Cape Town, South Africa. |
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