GROWTH Looks to Expand Affordable Homeownership Options With New VP
The NCRC Housing Rehab Fund, LLC (NCRC HRF), marketed as GROWTH by NCRC, has appointed Jennifer Powers as National Vice President of Acquisitions.
Powers, who joined GROWTH in 2019 as an underwriting manager, will lead the acquisitions and underwriting teams for GROWTH, an initiative of the National Community Reinvestment Coalition (NCRC) that builds, renovates and sells homes to low- and moderate-income (LMI) people or in LMI census tracts and creates homeownership opportunities.
Powers will be responsible for the overall strategy for acquiring lots and/or homes for new construction and renovation. Working with land banks, listing services, developers and real estate brokerages, she plays a critical role in identifying, evaluating and recommending acquisition candidates and strategic growth channels.
“We believe deeply in the American Dream,” said Ed Gorman, GROWTH’s Manager. “We know that more people are seeking homeownership opportunities than at any time in our nation’s history, but the deck is stacked against working-class families and particularly against BIPOC communities, given the current inventory shortages and the competition with institutional investors in our affordable home markets. That’s why we need Jennifer and folks like her who know our communities, know this business thoroughly, and who can find those properties that will give our folks a great shot at building generational wealth. GROWTH cannot have the impact it needs without Jennifer and others like her that are a huge force for good in our mission.”
“Growth has given me the opportunity to help solve a nationwide issue that is very important to me—affordable housing. I love having a job that is mission-focused and being part of a company that shares the same values and ideals,” Powers said. As vice president, Powers will work with the GROWTH team to help reverse the impact of discriminatory policies like redlining and to create pathways to homeownership for more Americans. In a competitive market with a shortage of inventory—specifically affordable housing—ownership rates are in decline, especially for communities of color. “Our challenge is acquiring properties in a really hot market when supply is short and increasingly expensive,” Powers said. “My goal is to continue to deliver quality homes, improving neighborhoods and helping low- and moderate-income people build long-term household wealth.”
Powers previously managed real estate acquisitions and investments or national investors, including KBS Realty Advisors, New Boston Fund, Lowe Enterprises Inc., and Bentall Kennedy. In her career, she has underwritten over $4 billion in completed transactions in office, multi-family and residential development projects. She has a master’s degree from Johns Hopkins University in Real Estate and Infrastructure and a Bachelor of Arts in Economics from Tulane University.
About GROWTH
We believe that no matter where you start in life, or the neighborhood you live in, every family deserves the opportunity to own a home, to start building wealth and to enjoy the American Dream. Our mission is to make homeownership possible for more people.
GROWTH is an initiative of the National Community Reinvestment Coalition (NCRC) and is fueled by the NCRC Housing Rehab Fund (the “Fund”), a private equity real estate fund focused on rehabbing (and building new construction) single-family houses to provide affordable homeownership opportunities in low- and moderate-income communities or for low- and moderate-income people. The Fund has been operating for five years and is operating in over 15 cities.
For more information about NCRC Housing Rehab Fund, please contact Ed Gorman, egorman@ncrc.org, (202) 464-2728 or visit www.growthbyncrc.com.
About NCRC
The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. More: www.ncrc.org
