Building wealth via homeownership is a time-tested American tradition. Now a new project is trying to replicate that mechanism in the rental market.
do so because they're priced out of the housing market. That excludes them from the forced-savings device that is a mortgage."Our hope is if it’s successful, this becomes a new form of ESG investment, and a new way to look at rentership," says Priscilla Almodovar, the outgoing CEO of Enterprise Community Partners, which built this project.
All of the projects will be affordable housing, with priority given to those targeting households earning 80% of median income or less.At the end of the lifespan of about 8-10 years for each project, the property will be sold or refinanced, with a target total return of 10% per year. Typically the owners remain the same in a refinance; in the event of a sale, there's often a covenant restriction ensuring the units remain affordable.
Under the Enterprise model, the renter paying $210,000 in rent would end up getting a check for about $55,000.
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