Housing is critical to quality of life, especially for older adults. A 2014 report released by the Harvard Joint Center for Housing Studies and AARP Foundation discusses how America’s older population is experiencing unprecedented growth, but the country is not prepared to meet the housing needs of this aging group.
According to the report, the number of adults in the U.S. aged 50 and over is expected to grow to 133 million by 2030, an increase of more than 70 percent since 2000. Unfortunately, housing that is affordable, physically accessible, well-located, and coordinated with supports and services is in too short of a supply. High housing costs currently force a third of adults 50 and over—including 37 percent of those 80 and over—to pay more than 30 percent of their income for homes that may or may not fit their needs, forcing them to cut back on food, health care, and, for those 50-64, retirement savings.
Much of the nation’s housing also lacks basic accessibility features (such as no-step entries, extra-wide doorways, and lever-style door and faucet handles), preventing older persons with disabilities from living safely and comfortably in their homes1.
Below, CCM shares a case study of an impact/ESG investment positively supporting affordable housing and seniors/the disabled.
Victory Centre of Vernon Hills is an affordable assisted living facility certified under Illinois’ Supportive Living Program. The supported living facility contains 120 studio units, of which 80% are low-income housing tax credit units, with 20% market-rate for private pay residents. Twelve of the 120 units are reserved for individuals with incomes at or below 30% of area median income, 36 units are reserved for individuals with incomes at or below 50% of area median income, and 48 units are reserved for individuals with incomes at or below 60% of area median income. To be admitted to the supportive living facility, individuals must be 65 or older and score 29 or higher on the Illinois Determination of Need screening tool, which amounts to needing assistance with two or more activities of daily living.
Amenities available to residents include common rooms for socialization, a library with computers, a community room for wellness programs, and medical rooms.
Additional complimentary services provided to residents include:
- Three nutritionally-balanced meals daily with healthy snacks available around the clock
- Routine health and wellness programs including weight monitoring, blood pressure checks, consultations, and coordination of medical services
- Medication management by a licensed pharmacist
- Assistance with daily living activities such as bathing and dressing
- Routine follow-up coordination with physicians and ancillary medical
- service providers such as therapy, home health, and hospice
- Disease prevention counseling and education on self-care
- Housekeeping, laundry, and maintenance services
All residents have access to the property’s award-winning VIVA! Lifestyle program. VIVA! offers residents opportunities to enrich their lives through social, educational and spiritual pursuits, providing residents the opportunity to share their skills, talents and passions with others through resident-led activities.
This case study is an excerpt from our white paper about the underlying benefits of affordable housing through fixed income impact investments. Explore the full whiter paper here.
CCM offers impact portfolios within a mutual fund where investors can target specific geographies or impact themes. Clients receive customized quarterly impact reports for all earmarked investments. Watch our two-minute video to learn more about how you can target your own impact.