Affordable housing investments include U.S. Low Income Housing Tax Credit and U.K. Social Housing investments. U.S Low Income Housing Tax Credit investments include federal tax credit equity investments, financing affordable rental housing, and state tax credit investments that are made with substantially similar requirements. Affordable units in a project may charge no more than 30% of a household’s income, and the average income of all households in assisted units is 60% of Area Median Income or below. U.K. Social Housing investments involve social housing providers in the U.K. and overseas territories through investments in nonprofit organizations that provide rental homes at below-market rents to low-income earners, including teachers, nurses, council workers, and the elderly and infirm.
Building affordable homes in the U.K.
In 2020, MIM directed a £48M (approximately $59 million) investment in Community Gateway Association (CGA), a U.K.-based company specializing in providing affordable rental homes and shared ownership homes to its customers. To complement its social work in the community, CGA also offers employment and training to young people, as well as helping its residents with access to food banks and debt advice. As of March 31, 2020, CGA provided over 6,600 homes in its area of operation in the northwest of England.