PHOENIX (July 15, 2019) – Rainbow Housing Assistance Corporation (Rainbow), a nonprofit organization which provides service-enriched programs for residents in affordable communities, became the first, third-party contractor to receive the Certified Organization for Resident Engagement and Services (CORES) Certification. An owner of multifamily affordable housing may partner with CORES-certified organizations to help qualify for Fannie Mae™ Healthy Housing Rewards – Enhanced Resident Services financing incentives.
The CORES program is administered by Stewards of Affordable Housing for the Future (SAHF), a nonprofit collaborative of thirteen exemplary multi-state nonprofit affordable housing providers who own and operate more than 140,000 affordable rental homes. SAHF’s mission is to advance the creation and preservation of healthy, sustainable affordable rental homes that foster equity, opportunity, and wellness for people of limited economic resources.
The certification is a highly coveted designation used to recognize organizations which have developed the infrastructure necessary to support and operationalize a robust system of resident services coordination at multifamily properties throughout their portfolio.
“The CORES certification embodies the mission and vision of Rainbow to positively impact social and economic change. We are humbled and honored as a recipient,” said Rainbow Executive Director Flynann Janisse. “This reinforces that we provide value to residents in affordable housing communities and we also have a positive and stabilizing impact for our developer and owner partners. The CORES certification demonstrates Rainbow adds value by improving the performance of a community and now also by helping developers and owners qualify for Fannie Mae financing incentives.”
A requirement of CORES for third-party contractors is they have a formalized contract with each property owner where they have been hired to provide services. This is true of Rainbow’s portfolio of 108 affordable housing developments covering 16,067 units across the country. The magnitude of properties serviced, and individual contracts fulfilled, highlights the degree to which Rainbow prioritizes the relationships formed with property owners seeking to provide residents with supportive services.
“We congratulate Rainbow Housing Assistance Corporation as the first third-party CORES-Certified organization. They have demonstrated capacity and competency in providing a system of resident services coordination. Their commitment to engaging residents, strategic implementation of resident services, and the development of systems and infrastructure necessary for success are hallmarks of the CORES Certification,” said Eileen Fitzgerald, President and CEO of Stewards of Affordable Housing for the Future (SAHF).
The certification is valid for five years and means developers who partner with Rainbow may qualify for Fannie Mae’s Healthy Housing Rewards’ Enhanced Resident Services Pathway. Borrowers who incorporate a system of resident services for tenants — such as health and wellness services, work and financial capability support, and child education and academic support — may be eligible for below-market-rate pricing, if they meet certain criteria.
About Rainbow Housing Assistance Corporation
Rainbow Housing Assistance Corporation(Rainbow) is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the United States. With award-winning services, Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.
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