Burum’s Housing Nonprofit Issues $100 Million In Taxable Social Benefit Bonds

National Community Renaissance of California, which was co-founded in 1991 by Jeff Burum and Andrew Wright in response to the need for affordable housing in San Bernardino County, has used its authority as an established nonprofit development corporation to issue $100 million in bonds.
The proceeds from the sale of the taxable bonds will be utilized to construct affordable housing, according to the company’s publicist, Jill Van Balen.
“National Community Renaissance of California will use the proceeds of the bonds to finance the acquisition, development, and preservation of high-quality affordable multifamily housing, in alignment with our mission of breaking the cycle of poverty by providing affordable housing options and industry-leading social services to the underserved communities that need them most,” Van Balen said.
On February 9, the company, which goes by the acronym National CORE, finalized the issuance, which consisted of $100 million in taxable Series 2022 Social Bonds. Underwritten by Morgan Stanley, the bonds are expected to mature in 2032. Last year, National CORE became the only affordable housing developer in Southern California and only the second in the nation to receive an A+ rating from Standard & Poor’s Global Ratings. That achievement provided National CORE with access to new, non-traditional financial resources, reinforcing and accelerating the nonprofit’s effort to address the chronic housing affordability crisis facing cities across the country.
National CORE took a leaf out of Bridge Housing’s book in pursuing bond financing.
In 2020, BRIDGE Housing issued $100 million in Series 2020 Sustainability Bonds, marking the first-ever taxable bond offering by a nonprofit affordable housing developer in the United States.
“This is a game-changer for the affordable housing industry and, more importantly, those who struggle with housing instability,” said National CORE CEO/President Steve PonTell. “By accessing capital markets, we can dramatically accelerate the development and preservation of critically-needed affordable housing across the country. Stable housing strengthens community health, educational attainment, economic mobility, and quality of life. Our hope is that other affordable housing developers will follow National CORE’s lead by embracing this ground-breaking financing model.”
According to Van Balen, National CORE’s goals mirror the Social Bond Principles as promulgated by the International Capital Market Association of supporting affordable housing, socioeconomic advancement and empowerment, and access to essential services as a means of ending poverty, reducing inequalities and promoting sustainable cities and communities.
According to a 2021 report by the National Low Income Housing Coalition, the United States persists in struggling with an affordable housing shortage, lacking 6.8 million rental homes for households with incomes at or below the poverty guideline, which is defined as 30 percent or below of an area’s median income. That shortage nearly doubled from a 3.6-million-unit shortfall in 2019.
National CORE owns and manages more than 7,500 affordable, senior, market rate, and special needs units in California, serving nearly 30,000 residents.
“Importantly, National CORE’s innovative and holistic model provides families and seniors with safe, stable and high-quality affordable housing communities that offer industry-leading wraparound social services including preschool and afterschool programs, family financial training, and senior wellness resources,” Van Belen said.
“In the 30 years since we launched our operations, our mission has always been about serving others, and yesterday’s bond closing will allow us to serve so many more,” said National CORE Founder and Board Chairman Jeffrey Burum. “This is a seminal moment for our industry and our organization in advancing that mission by helping to end the affordable housing crisis in our country.”

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