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New Way Homes Addresses Housing Shortage
New Way Homes Addresses Housing Shortage

 “It’s a tragedy.” That’s how Sibley Simon characterizes the affordable housing crisis in the San Francisco and Monterey Bay areas.

Sibley, president of New Way Homes, has seen firsthand the suffering that goes on when people can’t find a place to live. “More people are getting out of long-term homeless situations, but more people are becoming homeless. There just isn’t enough housing.”

Sibley’s organization is just four years old and is based in Santa Cruz, California. It seeks to fuel new construction of low- and moderate-income rental housing from Salinas to Santa Cruz to Oakland.

New Way Homes relies on churches and other mission driven groups – such as the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) and the Religious Communities Impact Fund (RCIF) – to help reach its goals. In the short time it has been around, New Way Homes has invested $7 million in new, affordable housing. “Our mission is to create housing without using public subsidies for construction,” Sibley said. “What’s needed is getting new sources of capital.”

New Way Homes attracts investors by offering a reasonable but limited return on investment. “We are responsible to investors to a point, but our main purpose is ‘How do we do more for housing,’” Sibley said.

New Way Homes is currently working on 10 housing projects, two of which are set to begin construction in the spring of 2020. One is in Santa Cruz and will provide seven units of permanent supportive housing for formerly chronic homeless individuals. The second project, being done in Oakland in conjunction with a local church, will create 12 work-live units.

Sibley said RCIF and the Adrian Dominicans were among the first to have invested with New Way Homes. “It is my belief that anyone doing impact investing, whether it’s big corporations or foundations, has to know what they are looking for and have very strong principals,” Sibley said. “They need a strong understanding of what’s going on, but they also should not be burdensome to the nonprofit group trying to do their work. Both the Adrian Dominicans and RCIF have maintained an impressive balance that has a track record of success.”

 



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