Preservation of Naturally Occurring Affordable Housing (NOAH)
Avenue has acquired several apartment properties that were at risk of being scrapped or redeveloped and rents increased if purchased by another developer or owner.
The intention with this program is to ensure that privately-owned apartments remain in place and remain affordable to the current tenants. Naturally Occurring Affordable Housing (NOAH) are often home to those with disabilities, seniors, people of color and other populations vulnerable to displacement.
This issue is particularly important in gentrifying neighborhoods, where low-income renters may be priced out of their communities where they may have family, employment or established support networks.
Avenue created a Social Impact Fund to acquire and preserve these properties and prevent the displacement of current tenants.