Infinity HAP Portfolio will finance the acquisition and rehabilitation of 1,068 affordable housing units in North and South Carolina. All unit rents will be capped at 60% of the Area Median Income (AMI), with over 95% of tenants utilizing HAP vouchers that cap rents at 30% AMI. Additionally, through Infinity’s non-profit partner Mercy Housing, each property will have a dedicated community coordinator that works with local organizations to provide supplemental services like after school care, financial literacy, and resume services for tenants.
Of Infinity’s seven locations, five are in low or moderate-income tracts. The two other locations are each in one middle and one upper-income census tract adjacent low and moderate-income tracts.
Preserving housing in these communities is critical: Approximately 25% of renters in each of these markets are severely rent burdened having to pay as much as 50% of their income on rent, according to the Harvard Joint Center for Housing Studies.
