Innovative Public-Private Partnership Introduces $100M Program to Preserve Affordable Rental Homes - December 16, 2010

(Chicago, IL) — An innovative partnership to finance the preservation of federally-subsidized rental housing in underserved markets brings together major financial institutions, philanthropy, and the federal government.

The John D. and Catherine T. MacArthur Foundation, which is providing a $20 million guaranty in connection with this new effort, aims 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 residents. Projects already slated to move ahead include renovations of affordable rental housing for low-income families and seniors in Minneapolis, Oklahoma City, Omaha, and Toledo.

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