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Partnership signs $1.2b deal for 90 affordable housing communities across the U.S.
The Essential Housing Impact Partnership (EHIP), a joint venture composed of the Community Development Trust (CDT), The Michaels Organization and Goldman Sachs Urban Investment Group (UIG), have purchased 90 affordable housing communities in a $1.2 billion deal. The EHIP portfolio consists of 90 properties located across eight states: Florida, Illinois, Indiana, Kentucky, New York, South Carolina, Texas and Wisconsin.
The joint venture partnership will ensure long-term affordability for the residents of more than 10,000 apartment units to families and seniors with low and moderate incomes. Most of the properties were built or rehabilitated with Low Income Housing Tax Credits (LIHTC) and are primarily in their extended-use compliance periods.
The diverse portfolio ranges from high-cost primary metropolitan cities to exurban/rural communities, many of which offer limited quality affordable housing options. Through EHIP, the portfolio will benefit from a combination of in