Date – 02/03/2022
New Company Furthers Blackstone’s Commitment to Creating and Preserving Affordable Housing
Blackstone (NYSE: BX) today announced its new portfolio employer, April Housing, so one can serve as a leading provider of solutions and capital for the advent and preservation of super low-priced housing at some point of the USA. April Housing will oversee and maintain affordability of an initial portfolio of over 90,000 housing devices these days obtained by way of Blackstone Real Estate Income Trust.
April Housing’s dedication to preserving the affordability of this critical housing inventory on an extended-time period foundation is made possible through BREIT’s perpetual capital structure. Rents at definitely all the April Housing properties are set by way of authorities regulation thru the Low Income Housing Tax Credit (LIHTC) software. The rent regulations have, on common, 20 years of last time period, and drastically, Blackstone intends to keep them low cost for the lengthy-time period.
In conjunction with the creation of the brand new portfolio enterprise, Blackstone appointed Alice Carr as Chief Executive Officer of April Housing, powerful May 2, 2022. Ms. Carr has dedicated her complete career to investing in communities and monetary development initiatives in underserved markets across the USA and increasing get entry to to low-cost housing. Ms. Carr brings greater than 25 years of enterprise experience and in this position, will be responsible for main all factors of April Housing’s approach and operations, furthering Blackstone’s dedication to keeping and expanding the supply of low priced housing.
“Blackstone’s unwavering willpower to this space is apparent, and I am energized and excited by using the opportunity to work along a certainly tremendous-in-beauty institution to maintain and growth the much less luxurious housing stock within the U.S.”
Ms. Carr joins April Housing from JPMorgan Chase (JPMC), wherein she most recently served as Head of Community Development Banking and led a group that financed the development and rehabilitation of lower priced housing to both low-income families and seniors across the U.S. At JPMC, Ms. Carr served as a member of the Inclusionary Leadership Forum for the Commercial Bank and turned into the government sponsor of the Diversity, Equity and Inclusion (DEI) Council for the Commercial Real Estate Business. She also served on the government management committee for the firm’s Racial Equity Commitment. Ms. Carr presently serves on the Board of Directors for Enterprise Community Investment and Enterprise Community Loan Fund. Ms. Carr commenced her profession at Low Income Investment Fund, a nonprofit Community Development Financial Institution (CDFI) centered on low-fee housing and small enterprise lending.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, stated “Alice’s skillset, experiences and great song report in lower priced housing make her the suitable leader for April Housing. Her venture-pushed values are quite aligned with Blackstone’s method to housing and may be treasured as we artwork to extend the affordability programs in our portfolio and boom the us’s less expensive housing supply.”
April Housing is devoted to providing nice-in-elegance control, improvements to homes and support to citizens. Over the subsequent decade, April Housing intends to make investments over $500 million to improve agencies while preserving the affordability of the homes. The employer is based in Los Angeles and could oversee the low cost housing assets formerly acquired from American International Group, Inc. And The Cornerstone Group. These companies are positioned at some stage in the U.S. In towns such as Austin, Dallas, Denver, Fort Lauderdale, Houston, Los Angeles, Miami and San Francisco.
The new logo identification displays the ethos of the employer. The name “April,” which means that “to open,” aligns with Blackstone’s purpose of commencing new paths to keep and make bigger the supply of less costly housing.
About April Housing
April Housing, a Blackstone Real Estate portfolio corporation, is a main issuer of solutions and capital for the preservation and introduction of terrific inexpensive housing in the United States. Centered around best-in-class control offerings, April Housing prioritizes enhancing communities and assisting residents at the same time as increasing the available deliver of low-priced housing. April Housing’s initial portfolio includes greater than 90,000 LIHTC flats throughout the U.S.
About Blackstone Real Estate Income Trust, Inc.
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional exceptional real property investment platform that brings private actual estate to profits targeted traders. BREIT invests in general in stabilized, income-generating U.S. Industrial real estate throughout key property sorts and to a lesser quantity in real estate debt investments. BREIT is externally managed by using a subsidiary of Blackstone (NYSE: BX), a worldwide chief in actual estate investing. Blackstone’s actual estate enterprise become based in 1991 and has approximately $279 billion in investor capital beneath control.
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