Standard Communities announced it formed a joint venture with Faring to create more than $2 billion of “missing-middle” housing throughout California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up development of middle-income housing and the acquisition and conversion of existing market-rate properties, the companies said.
“By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers, can afford to live near their jobs in the communities they serve,” said Jeffrey Jaeger, principal and co-founder of Standard Communities.
