Naturally Occurring Affordable Housing

Also referred to as “Noah“

Naturally Occurring Affordable Housing (NOAH) refers to older apartment complexes in which the rents are manageable for low or moderate-income households without subsidies. The growth of urban areas like Charlotte over the past decade or more has turned this type of housing into prime real estate, leading to renovations into luxury housing to generate higher rents. This redevelopment doubly impacts the scarcity of affordable housing by both reducing the supply of low-cost housing and also increasing demand as current tenants are priced out of their homes.

HillRock Estates is a Roof Above collaboration that combines preserving NOAH with permanent supportive housing. See HillRock Estates below for more details.

The Housing Impact Fund is an innovative funding strategy by a private equity firm, with the goal of preserving 1,000+ units of NOAH and emphasizing housing solutions for very low-income tenants. See Housing Impact Fund below for more details.