Jonathan Rose Companies
Rose Affordable Housing Preservation Fund V

We invested in Rose Affordable Housing Preservation Funds IV and V, managed by Jonathan Rose Companies, to support the provision of much needed high quality affordable housing in the United States. At $10 million invested across both funds, this is one of our largest commitments to a single fund manager because we believe that these funds are uniquely positioned to provide strong, risk-adjusted returns along with high social and environmental impact. The funds buy, improve, and develop affordable, mixed-income, and multifamily housing. Affordability is maintained over the long-term. Mixed-income housing is associated with reductions in crime and overall increases in neighborhood safety. When children move at young ages from neighborhoods of concentrated poverty to middle-income neighborhoods, they have better life outcomes. The fund also expands its residents’ opportunity and health outcomes by creating facilities and bringing in programs for onsite health care, access to affordable healthy food, exercise, after school and life-long education. By providing affordable housing in areas where residents may easily connect to jobs, schools, or other essential services, the fund’s economics are strongly correlated to higher rents and increased demand. In the fund’s target geographies, where housing costs are perennially high, this type of housing provides a stable base for working families and low- to moderate-income seniors. Well-located affordable housing projects typically have almost 100% occupancy rates and long resident waiting lists, significantly reducing top-line income risk, and mass transit options reduce residents’ transportation costs and related greenhouse gas emissions.