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Rainbow Housing Assistance Corporation Signs Seven New Contracts in the First Half of 2014
New contracts signal increased growth of service-enriched housing programs
Rainbow develops and implements programs and services to low-income communities to better the lives of families and stabilize the tenant base to ensure investors and developers are financially successful. These programs include money-management classes, enhanced life skills, after-school youth enrichment programs and adult education components.
“Building upon our momentum from 2013, Rainbow continues to exhibit significant growth and success with its projects,” said Flynann Janisse, executive director of Rainbow. “Our service portfolio’s growth within the first half of 2014 shows there is a broader understanding across the industry that communities perform better financially when these service-enriched programs are provided on site to the tenant base.”
Among the driving factors of Rainbow’s growth in service-enriched housing programs is an increased awareness on the part of state agencies as a result of the Department of Housing and Urban Development’
Additionally, current trends within the multifamily investment industry include impact investing, a form of socially responsible investing that aims to bring a positive social or environmental impact along with the financial return. Impact investors are looking to put their capital into nonprofits, leading them to explore avenues to successfully flow hedge funds to projects where it will do the most good, with organizations like Rainbow at the top of their radar.
Rainbow is also quickly growing its capacity to work in partnership with various organizations. In 2013, Rainbow entered a licensing and training agreement with Capital Area Asset Builders, a District of Columbia-based organization whose mission is to empower low and moderate-income residents to take control of their finances.
Currently, Rainbow is engaging with the Harvard Medical School mobile health system, The Family Van, which provides preventative screening, wellness counseling and referrals to thousands in need. As a result of this partnership, a new pilot program is underway in Texas and will soon become a national initiative.
“For the remainder of 2014, Rainbow will be dedicated to pursuing additional partnerships specifically focused on workforce development,”
About Rainbow Housing Assistance Corporation
Rainbow Housing Assistance Corporation (http://rainbowhousing.org/