Hello BP friends,
Just wanted to introduce myself. I'm Kate- a social worker and athlete living in Providence, Rhode Island. I've got big ideas about creating affordable housing for extremely low/no-income individuals experiencing homelessness. Ideally, they will be multi-family properties that are mixed-income. I've been doing quite a bit of real estate research over the last six months, but there is a whole world of knowledge and experience that I'm eager to dive into.
If anyone has tips or guidance on how to finance multifamily properties that have a percentage of affordable units, please feel free to drop me a line!
Great to be here and learn from all of you,
Welcome to BiggerPockets, @Kate Miechkowski .
I love your idea. I used to live in Chicago, and when they tore down the Cabrini Green projects (located on the edge of downtown) this was what they did when they rebuilt the area. Former CG residents could apply to live in the affordable units, and yuppies scrambled to snatch up any of the market-price units.
I don't live in that area anymore, and haven't followed the progress of the area, but it could be a good case study.
Welcome to bigger pockets!
Thanks @Mindy Jensen! I'll definitely look into that project. Thank you, @Nick Feliciano!
Kate, I'd recommend talking to the folks at Rhode Island Housing (44 Washington St in Providence, http://www.rhodeislandhousing.org/), they can almost certainly tell you about some available programs and/or point you in the direction of others.
Thanks Anthony. I've found the folks at Rhode Island Housing can be hit or miss. I had a conversation with someone there about this idea. She more or less scoffed at it and said I should call back when I could partner with someone or bring a lot of experience to the table. It's understandable--this is all new to me. However, my plans are not really conducive to the typical real estate investor's plans, so I'm not sure if partnering is the right way to go for me.
It's possible you didn't talk to the right person there. They have a lot of programs; see http://www.rhodeislandhousing.org/sp.cfm?pageid=41...
Also some of the bigger cities have their own renovation programs, for example this page has a link to one for Providence http://www.planning.ri.gov/community/healthyhousing/leadhazardprograms.php and I'm fairly certain there is one for Woonsocket and probably Warwick & Cranston as well.
Thanks Anthony. I've looked at basically all the programs on their website that would be applicable to my idea, and brought up a number of them to the person I spoke with. At the end of the day, it looks like I don't yet have the start-up capital to enter into these types of programs. Down the road, I could definitely see applying for loans and vouchers as a developer. It requires quite a bit of reserves, though, so I may have to get my start privately and save some cash.
Hi, Kate! Welcome to BiggerPockets! I'm glad you're here.
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