Wells Fargo Invests $3.5M to Convert Schools, Hospitals, Office Buildings into Affordable Homes

Housing Partnership Network’s New Adaptive Reuse Accelerator Method aims to build 1,600 economical apartments and workforce housing

BOSTON –News Immediate– Wells Fargo

Wells Fargo invests $3.5M in adaptive reuse of schools, office buildings, and former Coast Guard barracks into affordable homes.

Wells Fargo invests $3.5M in adaptive reuse of educational institutions, business office structures, and former Coast Guard barracks into reasonably priced households.

BOSTON, April 7, 2022 /3BL Media/ – To boost the offer and affordability of homes in the U.S., Housing Partnership Community (HPN) right now introduced $3.5 million in grants to assistance completely transform empty accommodations, universities, hospitals, and business buildings into affordable residences and workforce housing. This funding through HPN’s new Adaptive Reuse Accelerator software, funded by the Wells Fargo Foundation, will support the acquisition and advancement of an estimated 1,600 affordable properties for very low-earnings homes, seniors, and people going through homelessness around the up coming five yrs.

“In towns where by land is at a quality, properties like faculties, hospitals, motels, and business office structures can be terrific candidates for ‘adaptive reuse’ into inexpensive multi-household housing. The fast affect of Wells Fargo’s job funding is crystal clear and tangible, enabling housing developers to contend for homes and will also assistance peer exchange amongst practitioners,” notes Lisa Alberghini, HPN EVP of Peer Exchange, Policy, and Innovation. “Nonprofit builders from across the place are capable to appear with each other, share best tactics, and enable every other get the job done in the direction of widespread goals.”

“Exacerbated by fiscal hardship involved with the COVID-19 pandemic, housing instability, and homelessness are achieving unparalleled ranges,” reported Eileen Fitzgerald, Wells Fargo’s Head of Housing Affordability Philanthropy. “We will need to deploy each and every software in the toolbox, and changing vacant properties into excellent economical properties is a promising prospect to shorten progress timelines, cut down development and environmental expenditures, and advance prolonged-phrase housing provide and stability.”

For example, Eden Housing in Stage Reyes, California, and spouse Local community Land Belief of West Marin, will transform a former Coast Guard barracks alongside the Pacific coastline into 51 affordable apartments for seniors. The barracks creating will be converted to all-electric, and an elevator will be added to the exterior of the current building. An additional creating on the web-site will be rehabilitated and adaptively reused as local community room, house management, and resident companies places of work. In Brownsville, Texas, cdcb | arrive aspiration. arrive develop is reworking a historic building and former financial institution into supportive housing for individuals coming out of homelessness. The new creating will incorporate 34 economical households, a grocery retailer, and aid services for people. In Austin, Texas, Foundation Communities is excited about designs for Balcones Terrace, the renovation and re-adaption of a lodge house. The web page will be converted into 123 strength-economical apartments in a supportive housing neighborhood for one grown ups.

Today’s announcement consists of grants to the adhering to 15 Housing Partnership Network customers and nonprofit builders supporting 22 industrial-to-housing conversion jobs throughout California, Louisiana, Massachusetts, Pennsylvania, Texas, and Virginia:

“HPN associates welcome this unprecedented entry to adaptable grant cash. “Early-phase money is vital to our means to secure internet site regulate and speed up pre-growth action on likely catalytic conversion jobs,” says Larry Swanson, government director of Pittsburgh-primarily based Action-Housing, an HPN member given that 1997.

By funding outreach, peer exchange, facts collection, and consequence measurement, the grant will also empower developers funded by this grant to share and doc distinct kinds of adaptive reuse endeavours that can be replicated and tailored throughout the place.

About HPN

Housing Partnership Community (HPN) is an award-winning enterprise collaborative of above 100 of the nation’s major reasonably priced housing and group improvement nonprofits as effectively as an Aeris-rated CDFI and HUD-approved housing counseling intermediary. Since our founding in 1992, HPN has collectively served just about 13 million people produced, rehabilitated, or preserved about 500,000 affordable households and launched 14 productive social enterprises. Our function has been regarded with honors, together with the MacArthur Award for Creative & Powerful Institutions and Wells Fargo Upcoming Award for Possibility Finance.

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