April Housing Takes Bold Action to Preserve Affordable Housing at Recently Acquired Missouri Property
By taking this step, April is ensuring that these units remain affordable and rents are not raised to market rates.
April Housing, a Blackstone Real Estate portfolio company, today announced the action it is voluntarily taking to preserve the long-term affordability at the 238-unit High Ridge, Missouri property known as Walden Pond Apartments. Specifically, April is withdrawing the application for Qualified Contract, submitted by the property’s previous owner, which is a process by which an owner can opt out of long-term affordability restrictions. By taking this step, April is ensuring that these units remain affordable and rents are not raised to market rates. The withdrawal of this application is aligned with April’s commitment to preserving the affordability of this critical housing stock for the long-term.
Alice Carr, Incoming CEO of April Housing, said, “April’s mission is clear – to open new paths to preserve and expand the supply of affordable housing in the U.S. and we are resolute in our commitment. In this case, we are proud to have withdrawn the prior owner’s qualified contract application, ensuring that the property remains affordable for the long-term.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, added, “Since we acquired these properties, our focus has been on preserving affordability for residents, and we are excited to already be taking steps to achieve that goal.”
Vince Bennett, CEO of Missouri-based national affordable housing developer McCormack Baron, noted, “In all my years in affordable housing, I’ve never seen anyone withdraw a qualified contract. This is a very strong signal from Blackstone and April Housing and a concrete step to preserving affordability.”
About April Housing
April Housing, a Blackstone Real Estate portfolio company, is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. Centered around best-in-class management services, April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. April Housing’s initial portfolio consists of more than 90,000 LIHTC apartments throughout the U.S. Further information is available at www.aprilhousing.com.
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