Affordable Family Housing
By far, the most apparent affordable housing demand is generated by those families who are of low to moderate income that need reasonably located rental housing close to urban job centers, conveniences pertinent to daily family life, and quality schools. This need is acute, ranging from very-low-income targeted subsidy units to workforce housing where the working poor and even those of moderate means are priced out of the market by escalating rents. SRI seeks out opportunities in both urban and rural markets to link up public resources with private financing resources to create new affordable family rental product. As the gap between higher income and lower income citizens becomes more apparent, it will serve communities to seek creative ways to influence affordable rental housing production so service workers of all types can become an integral part of these communities. SRI finds much satisfaction in contributing to narrowing the effects of this income disparity.
Preservation & Renovation
Preserving the existing affordable rental housing stock that has taken decades to create has become a high priority for local, state, and federal governments. Older units generally occupy more established, centrally located, premium locations in many communities. In alignment with changing resources and financing directions, SRI has been active in pursuing suitable acquisition-rehab preservation housing opportunities. Different than many sponsors, we have made it an in-house priority to be sure adequate resources are committed to renovation to ensure the useful life of each asset is fully extended and the federal resources previously committed to such housing remains serving public housing needs.
Rural Housing Development
Rural Housing has long been a focus for SRI. Many of our earlier development efforts were for small to mid-sized communities involving attractive well-designed complexes still serving individuals and families in need in rural areas. Though community populations are smaller, these areas also have minimal rental competition. In addition, rural properties often benefit from greater public subsidy as a percentage of overall costs, as well as tenant rental assistance subsidy, and they represent a lower risk and ease of management to the investor.
Senior Affordable & Independent Living
The need for affordable senior housing with life-enriching services is a dramatic unmet need recognized by active housing providers throughout the country. As baby boomers age and with 60% of the American senior population over 65 earning under $30,000 per year in annual income, creative solutions are mandatory to provide appropriate affordable senior living accompanied by independence-sustaining services. For investors, senior housing is very stable, with very slight fluctuation in occupancy and predictable operating revenues and expenses. Wear and tear on the property is also minimal. In both rural and urban settings, SRI has been on the leading edge of promoting innovative senior housing models which attempt to address this overlooked and under-served segment of the senior population and has directly lobbied congress to recognize this rapidly expanding, currently ignored demand.
Veterans returning from war zones often have difficulty integrating back into normal societal routine and consequently finding adequate employment to support themselves and their families. The country is in debt to these individuals for the service they have given benefitting all Americans, and the notion that they may be faced with homelessness is simply not acceptable. The Federal Government has recently enacted legislation that links housing subsidy with supportive services in an attempt to provide affected servicemen and women a stepping stone to gaining personal control of their lives and future. SRI, as a housing developer, and local service providers, who bring veterans quality services and educational opportunities, have joined together to develop housing specifically designed and programmed for veterans seeking help. Recent projects developed in Renton and Federal Way developed in conjunction with Compass Alliance and the Multi-Service Center, respectively, are the two largest of their type recently developed in the Greater Puget Sound. We are very proud to have played a significant role in forwarding these housing opportunities for veterans.