The success of the EduHousing financial model hinges on its ability to purchase complexes at less than $35,000 per unit, with any costs above that per unit amount supported by philanthropy – a onetime subsidy.
After initial philanthropic or investment dollars are leveraged to help purchase and renovate the property, EduHousing holistic model of affordable housing and ongoing programmatic services is entirely self-supporting. Rates are kept affordable and are tied to accommodate those at or below the federal poverty level or an average of $683 per month as determined by the 2017 Federal Poverty Guidelines.
This commitment by EduHousing is documented through a set of covenants to further guide the purchase, management, and operations of its properties, outlining target communities, board composition and governance, ownership, rent and tenant composition, Star-C programming, transparent financial reporting and metrics, and proceeds. With such covenants in place, EduHousing ensures the sustainability and replicability of its model.