#USA #Charlotte #affordable housing #American South #Infinity

Groundbreaking Partnership for Affordable Housing in the Carolinas

In a significant move towards addressing the affordable housing crisis, American South Capital Partners (ASCP) has partnered with Infinity Real Estate Partners to finance the acquisition and renovation of more than 1,000 low-income housing units located in North and South Carolina. This partnership, formed through a joint venture between ASCP and SDS Capital Group along with Vintage Realty Company, represents an $18.75 million investment aimed at uplifting communities through sustainable housing solutions.

The housing portfolio acquired consists of 1,068 units situated across various neighborhoods, built between 1968 and 1973. These communities, which range from 81 to 200 units, are primarily occupied by renters under the U.S. Department of Housing and Urban Development’s (HUD) Housing Assistance Program. As it stands, approximately 25% of renters in these markets are severely rent-burdened, meaning they spend at least 50% of their income on housing. This alarming statistic underscores the pressing need for affordable housing options in the area.

Gregory B. Jones, the Chief Investment Officer at Infinity Real Estate, expressed his enthusiasm about the deal, stating that this acquisition is a crucial step in their mission to preserve housing affordability for the long term. "We are thrilled to announce the acquisition of this affordable housing portfolio, marking a significant step towards our commitment to supporting families who need affordable living spaces the most," said Jones. He emphasized the importance of collaboration with their equity partner, ASCP, in achieving this goal.

The funding from ASCP will be strategically allocated for renovations aimed at enhancing the living conditions of existing residents. These renovations will include upgrades such as new appliances, cabinets, and flooring. Infinity Real Estate has committed to ensuring that units are occupied during renovations so tenants are not displaced. Further improvements will focus on essential maintenance tasks including roof repairs, air conditioning updates, and plumbing fixes.

David Alexander, Managing Partner and CEO of Vintage Realty, remarked on Infinity's experience with affordable housing and their systematic approach to unit renovations, which is critical for improving quality in the housing market. He believes that this partnership will bring much-needed affordable housing to the communities served.

Once the renovations are completed, all units will be available to individuals and families earning 60% or less of the area median income (AMI). This represents a successful qualification for 100% Community Reinvestment Act Credit, which encourages investment in community-focused projects. Additionally, Mercy Housing, a non-profit partner of Infinity, will appoint a community coordinator for each property to work closely with local organizations, providing tenants with crucial supplemental services—ranging from after-school programs to financial literacy courses and resume writing assistance.

ASCP focuses its efforts on affordable housing projects across 10 Southern states, contributing over $176 million to 26 projects and financing more than 7,025 housing units, with 82% considered affordable for families earning less than 80% of the AMI. Deborah La Franchi, Managing Partner at ASCP, noted, "This investment is making a tangible impact on the lives of families living here. We're dedicated to maintaining these properties as affordable while enhancing their quality, ensuring the project aligns with our mission to assist families in the region."

This partnership is itself a beacon of hope for residents seeking affordable living solutions in areas with housing shortages. As the landscape for affordable housing evolves, the collaboration between ASCP and Infinity Real Estate Partners stands as a model for future endeavors aimed at sustaining community welfare and accessibility. By providing quality affordable housing, they aim to create long-term stability and opportunities for families in the South, paving the way for a brighter future for all.