Springboard, MMI Close on Affordable Housing Property in Orlando Seminole Ridge acquisition represents nonprofits' first step in joint real estate venture
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.
"The time is right to provide a real, lasting solution for a population that's been struggling for too long," said Ivan Hand, MMI President and CEO. "In combining affordable housing with financial education and community engagement, we will be arming families with invaluable resources they'll be able to use for the rest of their lives."
For additional information, or to learn how to get involved in this community investment opportunity, contact Melinda.Opperman@springboard.org.
About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management, Inc. ("Springboard") is an IRS 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is an approved housing counseling regional intermediary by the U.S. Dept. of Housing & Urban Development, and is accredited by the Council on Accreditation signifying the highest standards in the industry for agency governance, fiscal integrity, counselor certification and service delivery policies. In addition, Springboard is a member of both national industry associations; the National Foundation for Credit Counseling and the Association of Independent Credit Counseling Agencies. Springboard offers personal financial education and confidential counseling in foreclosure prevention, rent, reverse mortgage, pre-bankruptcy and debtor education, and debt and money management. Springboard provides telephone counseling services nationwide, and maintains offices in California, Arizona, Nevada, New Mexico, Texas, South Carolina and Massachusetts for in-person sessions. Not all types of counseling are available at all locations. For more information on Springboard, please visit their web site at www.springboard.org or call 800.449.9818.
About Money Management International
As a nonprofit, full-service credit counseling agency, Money Management International (MMI) has been helping consumers improve their lives through financial education since 1958. MMI provides confidential financial guidance, debt and budget counseling, HUD-certified housing counseling and EOUST-approved bankruptcy education to consumers nationwide. Counseling is available 24/7 by telephone and Internet or in person at more than 100 branch locations in 25 states. MMI is approved and accredited by the Council on Accreditation (COA), National Foundation for Credit Counseling (NFCC) and Association of Independent Consumer Credit Counseling Agencies (AICCCA). To learn more, call 800.531.0511 or visit MoneyManagement.org.
Contact: Melinda Opperman, 800-947-3752, ext. 7888, Melinda.Opperman@springboard.org
SOURCE Money Management International