Springboard Partners with MMI on a $25 million Dollar Housing Initiative
Springboard and MMI join forces to attack affordable housing crisis
Springboard Nonprofit Consumer Credit Management Inc. and Money Management International (MMI) have established a joint venture to address the affordable housing crisis in the United States. Through a $25 million dollar initiative, the nonprofit organizations aim to assist 5,000 families by providing affordable housing units in select markets across the nation.
According to HUD, there are 12 million American households paying more than 50 percent of their gross income on rent. In addition, nearly 1.5 million low to moderate-income housing complexes will lose their benefits in the next two years due to regulatory expirations. This increase in the need for affordable housing and the decrease in available units creates a unique opportunity for housing counseling organizations to get involved by providing financial education and resources that are designed to not only provide affordable housing, but also assist in empowering individuals and families to find solutions to their financial concerns and elevate their overall quality of life.
“As an organization that has assisted nearly 600,000 struggling consumers through housing counseling services since the beginning of the financial crisis, we understand the hardships and the incredible financial strain faced by those in need,” said Ivan Hand, President and CEO for MMI. “We also know what it takes to assist these families in understanding their options and ultimately securing affordable housing.”
“This program will be a game-changer for the industry, as it will significantly change the way we provide housing related services and education to families in need,” said Todd Emerson, President and CEO for Springboard. “We are excited to lead the charge on this important initiative and do our part to preserve, improve and maintain the stability of affordable housing in communities that need it the most.”