A call for proposals for developing Metro property attracted bids from seven housing organizations, including Better Angels, which proposed to construct 212 affordable units without taxpayer funding. Unlike competitors relying on government grants, Better Angels plans to use 30% equity and traditional loans for financing. Founded by Adam Miller, the nonprofit aims to demonstrate that capitalism can address the affordable housing crisis effectively. With a $300-million fund, it seeks to engage for-profit developers and explore various housing projects, including a mental health hub and student housing.
"The goal is to show the way to make money doing affordable housing because we believe that ... the only way you are going to solve the affordable housing crisis is by letting capitalism work," Miller said.
Better Angels, a nonprofit founded by a billionaire tech entrepreneur, said it will build 212 affordable units on the property, plus a medical office building, without needing a dime of taxpayer money.
Unlike the other bidders, whose proposals rely on tax credits and other government grants, Better Angels says it will supply 30% of the capital as equity and finance the rest with conventional loans.
With a $300-million investment fund, Miller is trying to lure for-profit developers away from the luxury market and create an opportunity for small-scale developers.
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