KSuite Impact Report: Affordable Housing
The Housing Action Group is dedicated to ensuring safe, stable, and affordable housing for all of our neighbors facing an increasingly inaccessible housing market. Through strategic capital investments and development partnerships, members of KSuite have:
- Enabled Long-term Access to Affordable Housing: Provided affordable housing solutions for families across various income brackets.
- Contributed to Mixed-Income Community Growth: Fostered the development of diverse, mixed-income communities.
- Leveraged Private and Public Resources: Played a catalytic role in mobilizing both private and public resources for housing development.
KSuite Member Impact in Homeownership
- Land Acquisition: In partnership with multiple churches, contracted land to support the development of over 500 new homes for families earning less than 90% of the Area Median Income (AMI).
- Home Construction and Sales: Successfully built and sold 50 homes to families earning below 90% of AMI.
- Capital Investment: Raised $30 million impact land fund to support the acquisition and development of 500 new homes. Supplied $12 million in capital to facilitate the construction of these 50 homes.
- Future Development: Initiated the development of 100 new homesites, planned for completion in 2025, targeting families earning between 50% and 100% of AMI.
- Development Funding: Allocated $8 million in capital for the development of these 100 homesites.
- Long-term Investment: Secured $30 million in capital to acquire and develop 500 homesites over a five-year period, aimed at serving families earning less than 100% of AMI.
- Homeownership Pipeline: Executed multiple homeownership workshops and established a pipeline of over 1,500 individuals and families preparing themselves for home ownership
- CMS Teacher Home Ownership Pilot: Raised $450,000 to initiate a pilot program to reward CMS teachers with homeownership opportunities through specialized grants and partnerships
KSuite Impact in Rental Housing (Apartments)
- Apartment Construction and Leasing: Built and leased 150 Low-Income Housing Tax Credit (LIHTC) apartments, with an average income of 60% of the Area Median Income (AMI).
- Ongoing Development: Initiated the development of 208 LIHTC apartments, also averaging 60% of AMI.
- Land Acquisition for Townhomes: Contracted land to support up to 85 "For Rent" townhomes, targeting families earning between 70% and 80% of AMI.
- Capital Sourcing: Secured capital (amount TBD) to fund additional LIHTC apartment developments.
