Buyers and Sellers
Patriot Housing Initiative
The Invest in America’s Veterans Foundation, Inc., is a mission-driven, Veterans-focused Florida 501 (c)(3) nonprofit that is pleased to announce new opportunities to help build stronger communities across America through the Patriot Housing Initiative.
The Patriot Housing Initiative was created to provide clean, safe and permanent housing for America’s “At-Risk” Vets. This is accomplished by acquiring individual properties or portfolios of multifamily assets throughout the United States. Our goal is to achieve and deliver purposeful, measurable, and positive social impact throughout the communities we serve.
The Tax Exempt, Non-Profit, Affordable Housing Revenue Bonds
The program’s primary funding comes through the issuance of Rated Tax Exempt, Non-Profit, Affordable Housing Revenue Bonds. These bonds exist exclusively for use by non-profit organizations to provide affordable residential rental housing. The Bond offering is fully underwritten by Standard & Poors, ensuring surety of closing. When used for the appropriate purposes, the IRS code places use limitations on the bond proceeds in order to maintain minimum affordable occupancy levels. Similar to Low Income Housing Tax Credits (LIHTCs), one alternative would be for at least 40% of the units to be occupied by households with incomes 60% AMI or less.
At the present time, the foundation has secured over 2,500 units of multifamily property consisting of 11 communities in 6 states, with values totaling in excess of $150MM. By setting aside at least 20% of each community for our Vets, the foundation is making a significant impact in the number of homeless Veterans on America’s streets and shelters. By providing additional counseling and resources to them, the Veteran community is greatly assisted.
The Invest in America’s Veterans Foundation Housing Portfolio
In April of 2017, the foundation closed on their first property – The Cove at NOLA, a 300-unit Class “B-” apartment property in New Orleans, Louisiana. The purchase price was $17,200,000, and the purchase was completed with 100% of the cost of acquisition, real estate closing and bond issuance provided by the funding. IAVF has dedicated to set aside up to 20% of the units in each property they acquire to provide permanent housing for homeless Veterans through the HUD VASH program.
Over the next eighteen months, the foundation continued to acquire several additional affordable communities as they were presented and underwritten. Those projects are as follows:
- Mission Springs, a 444-unit property in Jacksonville, Florida with a Purchase Price of $25,200,000.
- Chesterfield, a 294-unit property in Winston-Salem, North Carolina with a Purchase Price of $11,200,000.
- Silas Creek, a 234-unit property in Winston-Salem, North Carolina with a Purchase Price of $10,350,000.
- Twin City, a 285-unit property in Winston-Salem, North Carolina with a Purchase Price of $15,100,000.
- Whispering Pines, a 312-unit property in Spartanburg, South Carolina with a Purchase Price of $16,600,000.
- The Rubix, a 236-unit property in Las Vegas, Nevada with a Purchase Price of $12,500,000.
- Wharton Duo Portfolio, consisting of two (2) communities north of Chicago, Illinois with a combined Purchase Price of $55MM
- Timber Oaks, a 235-unit property in Ingleside, Illinois;
- Prairie View, a 224-unit property in North Chicago, Illinois;
Interested in Becoming a Buyer or Seller?
The Patriot Housing Initiative is made possible through the acquisition of properties that allow us to offer crucial housing services to Veterans in need. We greatly appreciate any individual who wishes to support our mission through the purchase and/or donation of a property that meets our specifications. Additionally, we also appreciate any individual who is interested in selling a property to us as we continue to expand our reach into new areas to serve more Veterans.
The two property types we are interested in are considered “stabilized” or “value-added.” Generally, we consider a property to be “stabilized” if it requires minimal updates and has a sustainable cash flow. A “value-added” property is one that typically requires more in-depth repairs or does not have a sustainable cash flow but can after further renovations.
If you are interested in buying or selling a property to benefit IAVF, please review the documents below, which detail all the requirements a property must meet to be deemed acceptable.
Download our Acquisition Criteria PDF.
Get in Touch
Learn more about our programs and partnerships by filing out the form below or calling us at 904-686-2687. Someone from our housing team will be in touch shortly!