How can we allow valuable affordable housing to disappear?
Naturally Occurring Affordable Housing disappears as properties are sold for conversion to market-rate rental.
A majority of America’s affordable housing operates without subsidy and is referred to as Naturally Occurring Affordable Housing (NOAH). These Class B and Class C multifamily rental properties (generally built between 1940 to 1990) provide housing at rates affordable to low- and moderate-income households.
Often located close to good schools, well-paying jobs, parks, and other amenities, NOAH properties are ideal workforce housing. However, many suffer from poor upkeep and neglectful management, making them unappealing, unfit and unsafe for occupation.
The demand for NOAH is strong in a housing market with record low vacancy rates. In fact, with ever-growing demand for rental housing, many NOAH properties are under threat of conversion to market-rate units. This puts families and communities at risk for displacement.
BB Housing believes it is an utmost priority to preserve and stabilize NOAH properties, and has developed a successful strategy for doing so.
The approach has numerous advantages to traditional heavily subsidized new-construction projects:
BB Housing’s pilot NOAH project, Chester Estates, was a great success and had far-reaching positive impact on the community. Learn more >
"We’ve always lived in the East St. Paul. This place is way cleaner and safer than anywhere else we’ve been.”- Abby & Abby Jr., BB Housing Residents