RIVERSIDE, Calif., Jan. 9, 2013 /PRNewswire/ -- Springboard Nonprofit Consumer Credit Management Inc. and Money Management International (MMI) closed escrow December 21, 2012 on a 240-unit multi-family affordable housing property in Orlando, Florida.
The $12.5 million acquisition of Seminole Ridge Apartments, which will assist an estimated 850 Orlando residents annually, is the first step in a joint venture by the nonprofit organizations to provide affordable housing options in areas of high-need.
"We hope that in bringing our Social Conscious Management approach to Seminole Ridge, we will not only help hundreds of residents improve their quality of life, but will also set the foundation for the future of affordable housing in the U.S.," said Todd Emerson, Springboard President and CEO.Through a $25 million Affordable Housing Fund, Springboard and MMI are raising funds to bring this affordable housing initiative to thousands of low- to moderate-income individuals and families in states impacted most by the housing crisis. This affordable housing initiative is unique in that it combines financial education and housing counseling with affordable rent rates. Residents will have access to rental units at a rate of no more than 30 percent of the household's income — which is significant considering 12 million Americans are currently paying more than 50 percent of their gross income on rent, according to the U.S. Department of Housing and Urban Development (HUD). In addition, through the Social Conscious Management approach, residents will be given the opportunity to take part in special community events and activities aimed at facilitating personal growth. Residents will also participate in housing counseling sessions and financial education workshops designed to give families and individuals the tools needed to successfully live within a fixed budget — while also planning for the future.