Member News Category Archives

Troubling Trends in Housing for the New Decade

NHP Foundation CEO, Richard Burns, published an op-ed in The Hill on “troubling trends in housing for the new decade” in which he identifies three data trends that are cause for concern. “In 2020, and over the next decade, everyone in the affordable housing equation will need to produce bolder ideas, speak louder to their representatives, foster greater thought leadership, and be more proactive and bullish in their mission to preserve and create more affordable rental units. If the status quo remains, conditions will continue to worsen and we will be unprepared and ill-equipped for our future affordable housing needs.”

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CREA Raises Over $1.2 Billion in 2019

CREA announced its 2019 results, including a record $852.2 million in equity closed and an additional $354.6 million in equity raised. ontributing to the total equity raised, CREA closed its largest-ever national fund, Fund 74, with commitments of $351.3 million. The fund supported the development of 32 properties with capital from 20 investors. CREA also closed $230 million in 14 active proprietary funds.

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Michelle Militello Joins Pennrose to Lead Asset Management

Pennrose announced the addition of Michelle Militello as Vice President of Asset Management. Michelle will focus on maximizing the financial performance and value of the Pennrose portfolio. She will be responsible for analyzing, measuring and reporting on property financial and operating metrics, and will work closely with the property operations team to improve outcomes.

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Ryan Sfreddo Named President of Red Stone Equity Partners

Effective January 1, 2020, Ryan Sfreddo has been named president of Red Stone Equity Partners. Most recently, Sfreddo served as a principal and managing director of investor relations where he oversaw the marketing and distribution of the company’s tax credit investments. Founder and former President Eric McClelland will maintain his role as CEO, focusing on the company’s overall strategic planning, growth and business diversification initiatives.

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Cinnaire Receives $1 Million CDFI Fund Award

Cinnaire was selected as one of the 184 Community Development Financial Institutions (CDFIs) to receive an award from the U.S. Department of Treasury’s CDFI Fund. The $1 million Financial Assistance award will be used to provide creative loans and flexible financing to support low-income, distressed communities throughout Cinnaire’s footprint

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