REIT seeks to preserve affordable rental options

04/30/2013 | Wall Street Journal, The

The Housing Partnership Equity Trust, a real estate investment trust owned by nonprofit groups and focused on preserving affordable housing, has closed on its first property acquisition. The REIT plans to purchase apartments nationwide, focusing on areas where rising real estate values have led landlords to cater to middle-class or wealthy renters. So far, the REIT has raised more than $100 million, and it has received funding from the John D. and Catherine T. MacArthur Foundation.

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Wall Street Journal, The

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