Principal Daniel Warwick Quoted in The New York Times on Affordable Housing Preservation

Affordable housing doesn’t always need a subsidy — sometimes it just needs an owner willing to lower the rent.

The New York Times recently profiled Ascent Housing, a for-profit fund preserving affordable apartments in Charlotte and Charleston, two of the fastest-growing rental markets in the country. Instead of raising rents after a purchase, Ascent lowers them, using deed restrictions and a blend of capital from nonprofits, local government, and investors willing to accept a below-market return in exchange for mission impact.

Principal Daniel Warwick, who advises cities, investors, and developers on affordable housing, was quoted in the piece. He noted that Ascent’s ability to serve residents earning 30 percent of the area median income or less “is pretty much unheard-of” among housing preservation funds.

Designing, structuring, and deploying mission-first affordable housing funds is core to HR&A’s housing expertise. Ascent’s model reflects a strategy we see gaining ground across the country, from LEO Impact Capital to BRIDGE Housing to Amazon’s Housing Fund: preserving what’s already affordable, before it isn’t.

Read the full story here.