Jonathan Rose Companies was founded in 1989 and is one of the country’s leading developers and investors in sustainable, affordable, and mixed-income multi-family real estate. The Rose Affordable Housing Preservation Fund IV (RAHPF IV), is Rose’s fourth institutional fund focused on generating strong risk-adjusted returns while creating and preserving affordable multifamily housing, implementing practical green strategies to reduce costs and increase efficiency, and increasing opportunity for its residents through social and educational services.
Through this fund, Rose aims to provide safe, energy efficient and affordable housing as a stable base for families and seniors and to connect residents with a range of health, educational and social services. Rose will certify properties with Enterprise Green Communities, a national standard for energy efficiency and wellness, and will partner with leading national foundations and schools of public health to measure outcomes for low-income residents.
Impact story - Goodwill Terrace
RAHPF IV acquired Goodwill Terrace in December 2019. This 202-unit, New York City Mitchell-Lama property is in the Astoria neighborhood of Queens.
Goodwill Terrace has provided affordable housing and supportive services to residents for more than 45 years. Renovations include $12 million in capital improvements to increase energy efficiency, modernize the building and create resident amenity and social services spaces as part of Rose’s Communities of Opportunity program.
The New York City Department of Housing Preservation and Development is working to preserve the long-term affordability of the building under the Mitchell-Lama program, which started in the 1950s to provide affordable rental and co-op housing to middle-income families. Revitalizing Goodwill Terrace will provide affordable housing for another generation.
The Praxis commitment
Praxis Mutual Funds supports organizations such as Jonathan Rose Companies through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.