Vivmark Residential Invests $1.5M in True Ground to Enhance Community Services
In an impactful move to bolster support for affordable housing, True Ground Housing Partners has announced a generous commitment of $1.5 million from Vivmark Residential. This funding, which establishes a four-year philanthropic partnership, is set to enhance resident services aimed at strengthening community well-being and access to stable homes across the greater Washington, D.C. area.
This substantial investment comes in response to an exacerbating need for affordable housing, where current economic pressures and rising costs continue to challenge many individuals and families. True Ground, a notable nonprofit affordable housing developer, strives to enable families to envision more promising futures. With Vivmark Residential's backing, the organization aims to extend its outreach to the more than 6,400 residents residing in its communities.
Carmen Romero, President and CEO of True Ground, expressed immense gratitude for the partnership. "We are thrilled to receive this incredible gift from Vivmark Residential, reflecting their trust in our mission and the strength of our enduring partnership," she stated. "As the need for affordable housing continues to intensify, support like this is crucial, and we are grateful to have Vivmark Residential as a champion of our cause."
Vivmark Residential, created from the merger of AvalonBay Communities and Equity Residential, emphasizes the importance of home in peoples' lives. According to their CEO, Benjamin Schall, the belief in building not just houses but also stability and opportunity is central to their mission. "For over three decades, True Ground has been a pillar in affordable housing. We are proud to deepen this partnership to address the urgent needs of families at this critical time," Schall asserted.
Furthermore, research has validated the positive impacts of resident services on the financial viability of housing communities. A study conducted by Stewards of Affordable Housing for the Future (SAHF) highlighted that properties providing on-site support services experience a 26% increase in net operating income and a 24% reduction in rent arrears. This evidence underscores the relevance of investing in resident services, as a mere $100 allocated per household can yield a return generating an additional $397 in total revenues within the subsequent year.
True Ground's ongoing commitment to improving resident services is evident. Their dedicated team of 25 strives to help residents achieve their personal and communal goals, focusing on vital areas such as health, wellness, financial stability, and career development. "Funding from Vivmark allows us to be proactive and inventive in meeting residents' needs," stated Marquan Jackson, Vice President of Resident Services at True Ground. He added, "When residents have stability, the possibilities are boundless."
The ramifications of Vivmark Residential’s investment extend beyond immediate resident services, marking a significant step towards True Ground's ambitious target of providing 7,500 affordable homes by 2029. This investment not only enriches the residents’ lives but also fosters long-term community prosperity.
Both True Ground and Vivmark Residential emphasize their ongoing commitment to reshaping the landscape of affordable housing, ensuring safe and welcoming communities for all. As the landscape of affordable housing continues to evolve, partnerships like this lay a foundation of hope and opportunity for marginalized families across the nation.
For more insights into True Ground and their dedication to affordable housing initiatives, please visit True Ground Housing. Additionally, you can learn more about Vivmark Residential and their vision for rental housing at Vivmark Residential.
This substantial investment comes in response to an exacerbating need for affordable housing, where current economic pressures and rising costs continue to challenge many individuals and families. True Ground, a notable nonprofit affordable housing developer, strives to enable families to envision more promising futures. With Vivmark Residential's backing, the organization aims to extend its outreach to the more than 6,400 residents residing in its communities.
Carmen Romero, President and CEO of True Ground, expressed immense gratitude for the partnership. "We are thrilled to receive this incredible gift from Vivmark Residential, reflecting their trust in our mission and the strength of our enduring partnership," she stated. "As the need for affordable housing continues to intensify, support like this is crucial, and we are grateful to have Vivmark Residential as a champion of our cause."
Vivmark Residential, created from the merger of AvalonBay Communities and Equity Residential, emphasizes the importance of home in peoples' lives. According to their CEO, Benjamin Schall, the belief in building not just houses but also stability and opportunity is central to their mission. "For over three decades, True Ground has been a pillar in affordable housing. We are proud to deepen this partnership to address the urgent needs of families at this critical time," Schall asserted.
Furthermore, research has validated the positive impacts of resident services on the financial viability of housing communities. A study conducted by Stewards of Affordable Housing for the Future (SAHF) highlighted that properties providing on-site support services experience a 26% increase in net operating income and a 24% reduction in rent arrears. This evidence underscores the relevance of investing in resident services, as a mere $100 allocated per household can yield a return generating an additional $397 in total revenues within the subsequent year.
True Ground's ongoing commitment to improving resident services is evident. Their dedicated team of 25 strives to help residents achieve their personal and communal goals, focusing on vital areas such as health, wellness, financial stability, and career development. "Funding from Vivmark allows us to be proactive and inventive in meeting residents' needs," stated Marquan Jackson, Vice President of Resident Services at True Ground. He added, "When residents have stability, the possibilities are boundless."
The ramifications of Vivmark Residential’s investment extend beyond immediate resident services, marking a significant step towards True Ground's ambitious target of providing 7,500 affordable homes by 2029. This investment not only enriches the residents’ lives but also fosters long-term community prosperity.
Both True Ground and Vivmark Residential emphasize their ongoing commitment to reshaping the landscape of affordable housing, ensuring safe and welcoming communities for all. As the landscape of affordable housing continues to evolve, partnerships like this lay a foundation of hope and opportunity for marginalized families across the nation.
For more insights into True Ground and their dedication to affordable housing initiatives, please visit True Ground Housing. Additionally, you can learn more about Vivmark Residential and their vision for rental housing at Vivmark Residential.
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