Affordable Housing
MetLife employees volunteer with Habitat for Humanity in Europe.
MIM manages investments in high-quality housing projects that build financial health and bring tangible benefits to communities. For example, MIM’s U.K. Social Housing investments involve social housing providers in the U.K. and overseas territories through investments in nonprofit organizations that provide rental homes at below-market rents to low-income earners, including teachers, nurses, council workers and the elderly and infirm.
Affordable Housing Investments1
MIM’s Private Capital team originated loan notes totaling more than £120 million (~$158 million) to refinance existing debt and support future growth of Triple Point Social Housing (Triple Point) in the U.K. Triple Point seeks to address the ongoing housing crisis by investing in the U.K. social housing sector, providing sustainable high-quality homes which have been adapted for vulnerable adults with long-term care and support needs, including mental health issues, learning disabilities, or physical and sensory impairment. The transaction was financed by a combination of MetLife’s general account and unaffiliated institutional clients.
1 U.S. low-income housing tax credit investments include federal tax credit equity investments, financing affordable rental housing and state tax credit investments that are made with substantially similar requirements. Affordable units in a project may charge no more than 30% of a household’s income, and the average income of all households in assisted units is 60% of area median income or below. U.K. social housing investments involve social housing providers in the U.K. and overseas territories through investments in nonprofit organizations that provide rental homes at below-market rents to low-income earners, including teachers, nurses, council workers and the elderly and infirm.