Impact

A stable housing supply is critical to creating a stable community. However, regulatory hurdles and limited public funding sources have resulted in shortages.

We use novel investment strategies to leverage private capital for housing creation at a range of income levels.

Process/Investment

Our business is focused on two primary objectives: adding to the housing supply through development of new, “ground-up” housing and preserving “naturally occurring affordable housing.”

View Case Studies

What is naturally occurring affordable housing?

"NOAH"

Naturally Occurring Affordable Housing, or “NOAH”, is the term used to describe properties that are affordable to low-income households without subsidies and deed restrictions. Much of NOAH exists because of a process called filtering where older housing stock becomes relatively more affordable over time. 

We build new housing because
the “filtering” down of housing stock is only sustainable if there is continued new supply. 
We preserve because
NOAH is rapidly being lost due to obsolescence and conversion to “market-rate” housing.
NOAH preservation provides multiple benefits:
Preserving existing NOAH keeps communities intact and reduces displacement.
NOAH preservation provides multiple benefits:
Renovating and maintaining existing housing units requires far fewer resources (both public and private) than building new.
NOAH preservation provides multiple benefits:
Whether we are developing new housing or preserving NOAH, we strive to be valued partners with the communities and the municipalities where we are active. Having developed on public land and been granted public subsidies to incentivize our investment, capacity and expertise, we believe that it is our obligation to be respectful and thoughtful stewards of public resource. 
NOAH preservation provides multiple benefits:
We acquire NOAH properties in partnership with local, affordable housing non-profits who contribute their on-the-ground perspective, community relationships and services. 
NOAH preservation provides multiple benefits:
We collaborate with local housing departments, housing authorities and regional planning agencies to ensure that our investments are consistent with public policy objectives.
NOAH preservation provides multiple benefits:
We coordinate with local utilities and innovative start-ups on sustainable and greenhouse gas reducing property upgrades that have historically bypassed the communities that we invest in.
NOAH preservation provides multiple benefits:
Preserving existing NOAH keeps communities intact and reduces displacement.
Renovating and maintaining existing housing units requires far fewer resources (both public and private) than building new.
Whether we are developing new housing or preserving NOAH, we strive to be valued partners with the communities and the municipalities where we are active. Having developed on public land and been granted public subsidies to incentivize our investment, capacity and expertise, we believe that it is our obligation to be respectful and thoughtful stewards of public resource.
We acquire NOAH properties in partnership with local, affordable housing non-profits who contribute their on-the-ground perspective, community relationships and services.
We collaborate with local housing departments, housing authorities and regional planning agencies to ensure that our investments are consistent with public policy objectives.
We coordinate with local utilities and innovative start-ups on sustainable and greenhouse gas reducing property upgrades that have historically bypassed the communities that we invest in.