NORTH BETHESDA, MD - Foundation Housing, a 501(c)(3) mission-driven nonprofit with a commitment to enhancing the availability and preservation of affordable housing, announced the acquisition of two HUD-subsidized properties, marking the 100th and 101st affordable housing communities added to its portfolio. The properties, Myrtle Landing in Cape Charles, Virginia and Valley Grove in Mountain City, Tennessee, are both elderly-preferred communities in rural areas, where affordable living opportunities are limited.
"We are excited to add these communities to the Foundation Housing portfolio," said Todd Travis, Chief Operating Officer and President of Foundation Housing. "These property acquisitions were made possible by strong partnerships with committed investors and the collaboration of our hardworking team who are dedicated to providing high-quality, safe, clean, and affordable living environments."
Myrtle Landing, built in 1985, spans 8.4 acres and houses 93 one-bedroom units. Currently at 95.7% occupancy, median incomes at Myrtle Landing are 28.9% lower than the United States median household income of $58,828.
Valley Grove, built in 1981, is a 5.38-acre property with 40 one-bedroom units. The residents of Valley Grove, which is at 97.5% occupancy, have a median income of $31,376, which is 46.7% below the national household median.
At a time of skyrocketing demand for rental housing nationwide and with the rental housing stock diminishing precipitously, it is noteworthy that these acquisitions ensure the affordability of these communities by at least two decades. "Foundation Housing stands by its commitment of transforming lives and neighborhoods," Travis said. "Our properties account for a notable base of the overall population in these rural towns. We are heartened in knowing that we are preserving affordable living for elderly residents in these communities and providing a solution for the affordable housing crisis now gripping America."