Investing in Affordable Seniors Housing Communities

As demographic trends continue to evolve in the U.S., it is estimated that more than a fifth of the U.S. population will be 65+ years old by 2050. This shift is taking place against the backdrop of a nationwide affordable housing shortage in which more than 11 million senior households were cost burdened in 2021. Cost-burdened households spend 30% or more of their income on housing. 

“At the intersection of these two trends is a clear demand: Communities need to create and preserve stable affordable housing that centers around senior residents’ needs,” says Desiree Francis, head of Community Finance at Capital One.

Capital One has recently originated low income housing tax credit (LIHTC) equity investments, construction debt, and Fannie Mae, Freddie Mac and FHA loans to preserve and create affordable seniors housing developments that serve more than 1,000 households in the Bronx, Houston, New Orleans, Washington, DC and other regions, specifically: 

• Campanile on Minimax in Houston, TX, which will provide a mix of resident services including health screening, counseling, credit counseling and more.

• Carl F. West NCBA Estates (pictured above) in Washington, DC, which will set aside units for grandfamilies.

• Edgewood Commons V in Washington, DC, and Fischer Senior Apartments in the Bronx, NY, which will set aside units for permanent supportive housing.

• Lisner-Louise-Dickson-Hurt Home in Washington, DC, which will reserve more than half of its new units for residents earning at or below 30% of the area median income.

• New Hope Housing Ennis in Houston, TX, which will provide case management, emergency assistance and free transportation in partnership with METRO.

• Samuel J. Simmons NCBA Estates in Washington, DC, which will develop new amenity space for resident services such as nutrition counseling, transportation support and onsite health services.

• Tivoli Place in New Orleans, LA, which will provide access to renovated exam rooms for onsite healthcare, along with internet included in base rents.

While the impacts of having onsite healthcare facilities — whether a Federally Qualified Health Clinic or exam rooms for health screenings and vaccination clinics — are widely recognized, other services onsite or within the broader community can create positive outcomes for senior residents.

For example, Capital One provided funding to a community partner in order to engage resident services staff that focus on seniors aging in place in affordable housing. Staff members help residents apply for health insurance benefits, navigate the healthcare system, transition to higher levels of care, and engage in training sessions on dementia, vision loss and emergency preparedness. 

Further, for seniors living in affordable housing developments, digital access can greatly improve their physical and mental wellbeing, according to Stewards of Affordable Housing for the Future (SAHF). Access to digital tools enables seniors to engage with healthcare professionals through telemedicine, provides them the ability to check medical records and pay bills, and also connects them to social opportunities, digital training and learning opportunities.

But more than 30% of older adults ages 65+ report that they do not have access to home broadband, according to a Pew Research study. That’s why some affordable housing properties now provide free resident broadband and internet access or include internet in base rents. Others may offer digital literacy sessions as part of their resident services.

Over the past five years, Capital One has funded programs centered around senior residents’ needs, with a focus on digital access. 

At Winchester Greens, which is located just fifteen minutes south of Richmond, Virginia, Better Housing Coalition (BHC) sought to bridge the digital divide in 2020 by bringing free internet connectivity to its residents, including more than 200 senior residents. In partnership with local health systems, BHC supported senior residents to better manage their health and well-being through telehealth platforms.

Capital One made a philanthropic investment to cover costs of providing internet access – including development of the digital infrastructure at the property – for the duration of the pilot program. By the end of the pilot program, all equipment had been installed, and the digital infrastructure was complete.

BHC engaged 25 of its senior residents to serve as “tech navigators” and help their neighbors with training and support issues. These residents completed a course that focused on topics such as account security and applying for benefits online. Then they set out to help their neighbors with challenges they were facing: for example, changing passwords, navigating websites and setting up online banking.

Grace S., a BHC resident who participated in the pilot program, said she’s helped many residents learn to use their computers, set up email accounts and learn to use the internet. At first, she said, “They were afraid they might break it.”

Sparks, who is in her seventies, regularly uses her tablet, PC and smartphone to pay bills, draw, color and connect with her family. “You have to keep your mind occupied,” she said. “You live longer that way.”

Many of Capital One’s efforts to support digital access are made possible through the Capital One Impact Initiative — a multi-year commitment that strives to catalyze economic growth in low- and moderate-income communities and close gaps in equity and opportunity. Beyond investing in digital access for affordable housing residents, Capital One has made philanthropic investments to community centers that help build financial health among seniors through online banking and fraud protection sessions.

Learn more about how Capital One is improving communities across the country with solutions that address affordable housing needs and goals.