PUBLIC-PRIVATE PARTNERSHIP TO PRESERVE AFFORDABLE HOUSING

OKLAHOMA CITY, OKLA. — The John D. and Catherine T. MacArthur Foundation is providing a $20 million guaranty in connection with a public-private partnership aimed at the preservation of federally subsidized rental housing in underserved markets nationwide. The partnership's goal is to attract $100 million for non-profit developers working to preserve and renovate approximately 20 rental properties nationwide serving more than 2,000 low-income families and seniors. As part of the public-private partnership, The National Affordable Housing Trust (NAHT) and Cornerstone Real Estate Advisors jointly closed an investment fund through the federal Low-Income Housing Tax Credit. Investors in the fund include JPMorgan Chase, Massachusetts Mutual Life Insurance Co., MetLife and UnitedBank. As part of the program, the 100-unit Southwoods Apartments in Oklahoma City will be renovated and managed by Volunteers of America. In addition to energy efficiency upgrades, a new wireless emergency call system will be installed to ensure the safety of the building's senior residents. Other residential properties receiving upgrades through the partnership include Nicollet Towers in Minneapolis, Millard Manor in Omaha, Neb., and Renaissance Senior Apartments in Toledo, Ohio.