Game Changer for Affordable Housing – TCAM client featured on NPR for forming the first nonprofit REIT

Posted on February 19, 2014

npr-all-things-cons-logo-resized-600On February 11, 2014, one of our clients, the Housing Partnership Equity Trust (“Equity Trust” or “HPET”) was featured on NPR’s national broadcast of All Things Considered for its innovative approach to preserving affordable housing.


HPET brings together a coalition of nonprofit groups from the Housing Partnership Network(“HPN”) forming the first nonprofit real estate investment trust (REIT). The HPET includes 12 non-profit developers and members of HPN. It was formed as a social-purpose real estate investment trust (REIT), sponsored and operated by HPN, a business collaborative of the nation’s leading housing and community development nonprofits.


As the NPR story points out, REITs traditionally have supported private developers by pooling funds from investors to buy properties and offering dividends to its investors. This is the first time nonprofit groups have formed a REIT. Although the return to investors is not as high as the return offered by a typical private REIT, the HPET appeals to the desire of investors to preserve affordable housing.  HPET’s investors include Prudential, Morgan Stanley, Citibank and the Ford and MacArthur foundations.


Photo Credit: NPR - All Things Considered
Photo Credit: NPR – All Things Considered

The NPR story features the most recent HPET acquisition, Woodmere Trace, a 300-unit garden apartment complex in Norfolk, VA developed by Washington, DC-based Community Preservation and Development Corporation (CPDC). As mentioned in an earlierpress release, TCAM worked closely with the HPET and its partners, to develop and maintain the investment model for the acquisition, evaluate the reports of due diligence providers, and prepare analyses for negotiations with the sellers and investment decisions.


In addition to assisting the HPET with the underwriting and closing of Woodmere Trace and two earlier transactions, TCAM helped HPET design its investment process and tools.


To learn more about the services TCAM provided to support the HPET, request more information or contact Steve Spall ( and Allen Feliz ( –(617) 542-1200.


Full NPR Article: Nonprofits Pull In Investors to Tackle Housing Affordability


Learn more about these companies:

To learn more about HPET, visit their website

To learn more about HPN, visit their website


TCAM Announcements:

TCAM Announces New Engagement with Housing Partnership Equity Trust

TCAM Helps Housing Partnership Equity Trust Complete Property Acquisition

Topics: LIHTC,  Multifamily Lending,  TCAM Services