The Community Properties Portfolio
Stonewall CDC Board Member Matthias Hollwich has proposed a unique model for providing affordable housing to LGBTQ older adults through a managed network of non co-located apartments and properties. This concept most closely follows the model pioneered by Sonder of a portfolio of apartments located across many buildings, but operated and managed as a network, achieving economies of design and operation.
With the help of TD Bank, Stonewall CDC has convened a working group of industry professionals to help us formulate and implement this plan. Stonewall CDC acquires properties, donated either by corporations in return for a tax write-off, by municipalities in return for property reclamation, or from individuals in return for annuities and care, through a structured bequest program. These properties are dedicated as LGBTQ-welcoming affordable housing for older adults, held and operated by Stonewall CDC as a community property portfolio.
Stonewall CDC will be able to leverage economies of scale in operating and serving the network. This could occur in the form of some type of innovative version of a reverse mortgage that comes with long-term homecare services and perhaps upgrades to make the property more age friendly for the current tenant as well as future residents. In this way the current occupant could be better served while they remain in their homes, while their private ownership is transformed into a community legacy.