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HPET Welcomes Anne McCulloch as CEO
WASHINGTON, DC – It started with an idea shared among some of the nation’s leading affordable housing developers at a Housing Partnership Network (HPN) peer exchange. Now, in its 4th year of operation, Housing Partnership Equity Trust (HPET) is poised for growth under the new leadership of long-time affordable housing advocate, Anne McCulloch.
HPET, the first real estate investment trust (REIT) sponsored by nonprofits, was founded by members of HPN, a collaborative of leaders in affordable housing and community development. The REIT, also financed in part by a group of mission-led investors, provides its nonprofit developer members access to capital to purchase naturally occurring affordable housing properties. It was created as a solution for members competing against commercial developers with easy access to cash while they needed months, sometimes years, to raise funds to purchase properties.Read more