Foundation Housing, since its organization in 1990, has been integrally involved in the recapitalization and preservation of more than 55,000 units of multifamily housing with transaction values exceeding $4.5 billion. Foundation Housing, through its 509(a)(3) supporting organizations, has acquired portfolios of properties in 20 states and Washington, DC with numerous projects pending nationwide. Since the enactment of the Tax Reform Act of 1986, Foundation Housing has recognized the significant tax implications affecting the affordable housing industry. Our expertise in adapting to the changes in tax law and our utilization of innovative financial strategies have helped to structure creative transactions for current owners seeking exit strategies.
Foundation Housing was founded by Martin Schwartzberg as the National Foundation for Affordable Housing Solutions, Inc. The organization was primarily formed as an affordable housing think tank focused on developing legislation to facilitate the development and preservation of affordable housing nationwide.
First direct property acquisitions
Foundation Housing, known at the time as the National Foundation for Affordable Housing Solutions, Inc., makes its first direct property acquisitions: Claiborne Place, a Section 8, 175-unit multifamily housing development located in Annapolis, MD and Londonderry Towers, another Section 8, 150-unit multifamily housing property located in Gaithersburg, MD. In recognizing that we could have a stronger influence on national policy by actually demonstrating its preservation capability, these properties were preserved and improved through a commitment to long-term rent affordability, carefully planned renovations, and enhanced resident services such as senior health center programs and learning center programs for younger residents.
Three additional properties acquired
Foundation Housing, known at the time as the National Foundation for Affordable Housing Solutions, Inc., acquires three elderly-preferred properties in Pennsylvania to aid in the preservation of existing Section 8 assisted properties with the goal of expanding its preservation footprint: Chemung View, a 100-unit property located in Athens; Kish Apartments, a 142-unit property located in Lewistown; and Mount Carmel Apartments, a 100-unit property located in Mt. Carmel.
Acquired four properties through the Low Income Housing Preservation and Resident Homeownership Act of 1990
Foundation Housing, known at the time as the National Foundation for Affordable Housing Solutions, Inc., acquired four properties through the Low Income Housing Preservation and Resident Homeownership Act of 1990, a program designed to keep owners of older assisted projects from opting out of subsidized mortgages, thereby reducing the number of available affordable housing units. We participated in this legislative program to guide other nonprofits and assisted housing owners in preserving multifamily housing properties by utilizing the program’s benefits. These four properties were Glenarden Apartments, a 153-unit property located in Glenarden, Maryland; Glenreed Apartments, a 105-unit property located in Lanham, Maryland; King Towers Apartments, a 129-unit property located in Washington, DC; and Glenview Garden Apartments, a 204-unit property located in Glen Burnie, MD.
1998 - 2018
The Foundation continues to grow through acquisition and preservation.
Foundation Housing, known at the time as the National Foundation for Affordable Housing Solutions, Inc., experienced a significant period of growth during this decade, eclipsing 10,000 units under ownership. Our infrastructure grew as we acquired and preserved more properties.
We utilized a range of financial tools and funding sources that were key to our expansion -and at the forefront of financing techniques- including 4% and 9% low income housing tax credits, tax exempt bond financing, TCAP funds, short term bonds cross collateralized with agency perm debt, MTEBS structure, real estate tax exemption, NIBP financing, 1602 Exchange funds, weatherization grants, MEEHA grants, and the FHLB Affordable Housing Program.
In 2014, our organization acquired one of the largest properties in our portfolio. Quincy Point Homes, with 641 units, is the second oldest affordable living space built for senior citizens in the state of Massachusetts. As part of the purchase transaction of Quincy Point Homes, we opted to secure low-income tax credits to supplement the $36.8 million dollar redevelopment of the property.
Foundation name change
The public facing name of The National Foundation for Affordable Housing Solutions, Inc. is changed to Foundation Housing in 2019. The new name reflects the organizations commitment to our community roots, but also recognizes the exponential growth we have experienced since our founding in 1990. Jason Goldblatt is appointed Chief Executive Officer in 2018 after serving as Chairman of the Board of Directors of the organization since 2015 and as a Director since 2010.
Foundation Housing enters new states
Foundation Housing starts a new decade with our first acquisitions in two new states. Four Freedoms Apartments, a 210-unit property in Miami Beach, Florida is our first acquisition in Florida. Cedar River Tower, an 85-unit property in Waterloo, Iowa is our first acquisition in Iowa.