Progress Residential, a single-family rental (SFR) management services platform, and Pretium, a specialized investment firm, have together announced plans to increase affordable SFR housing. Including six initiatives plus creating leadership teams to accomplish their goals, both companies aim to make affordable SFR more accessible.
“Progress and Pretium share a strong commitment to being part of the housing solution in our country,” says Adolfo Villagomez, CEO of Progress. “We recognize the growing demand for affordable housing options, and we expect that demand to grow as the overall housing supply continues to compress.
“Progress has the capability and opportunity to provide access to affordable single-family rental homes in great neighborhoods with amenities like grocery stores, schools, and reliable transportation. As a leader in the SFR industry, we have a responsibility to step up to meet this need, and this is just the beginning.”
Progress’ initiatives include accelerating and expanding the number of homes available for participation in the Housing Choice Voucher (HCV) program; reporting positive rent payments to credit bureaus with fintech firm Esusu; connecting residents with rental assistance resources; pursuing innovative community-based partnerships to increase affordable housing; promoting financial literacy and credit education with additional programs and services for Progress residents; and providing security deposit alternatives.
The security deposit program is being piloted in Atlanta and Columbus, Ohio, where residents can choose to pay up front, in monthly installments or a zero-deposit program using a low monthly deposit waiver fee in lieu of a security deposit. The company is looking to expand the program to additional markets in 2023.
To accomplish these initiatives, Progress has invested in its operational infrastructure and added or promoted talent to lead the expansion. The team includes Jennifer Keogh, vice president, affordable housing; Darron Mitchell, senior director of housing choice; Rickie Maddox, director of operations for affordable housing; and Jameica Lollis (Atlanta) and Valentina Avdulov (Minnesota), community and resident engagement specialists.
“I am incredibly proud of the way our team members have driven our work to expand affordable housing. While we are still in our infancy and have significant work ahead to continue to build our operational infrastructure to support our affordable housing expansion, I could not be more excited that we have started this journey,” says Harish Ramalingam, chief operating officer of Progress.
“We are already seeing the positive impact these initiatives are making on the lives of the individuals and families we serve. We look forward to continuing to grow our footprint and provide much-needed housing options for this underserved segment of our population.”
In Pretium’s next steps to increase access to affordable SFR, the firm has appointed Andrea Gift Allan as managing director of real estate to lead the firm's affordable housing investments across the United States. Allan will partner with internal and external stakeholders to build and manage Pretium's affordable housing portfolio, aligning with the firm's key business and social impact goals.
"Increasing quality, affordable housing supply across our markets is a business imperative," says Don Mullen, founder and CEO of Pretium. "Andrea's decade-plus of affordable housing investment experience will be an invaluable addition to the Pretium and Progress teams as we work with residents, investors, policymakers, lenders, developers, business leaders, and community organizations to achieve our ambitious goals."
The role will include Allan serving as a strategic adviser to Progress Residential's affordable housing team as they engage with residents, local housing authorities, and community partners to meet the ever-growing affordable housing demand in markets nationwide.
"As affordability continues to play an integral role in today's housing market, this is an opportune time to join Pretium, a market leader committed to developing solutions to our nation's housing crisis," says Allan. "I am energized to be joining a team focused on innovating in this critical area, and I look forward to building upon the work Pretium and Progress have already done to further expand our affordable housing offerings."