Environmental Finance's Sustainable Investment Awards judges praised the 'Social fund of the year, North America' winner for its "great focus" and "great track record".
Founded in 2010, Hudson Valley Property Group's (HVPG) mission is to preserve and improve existing affordable housing in the US. By acquiring and renovating multi-family properties and securing long-term rental subsidy contracts, HVPG seeks to elevate and preserve the nation's affordable housing supply.
The firm additionally looks to leverage strategic partnerships in healthcare, education, and technology to improve the standard of living for residents and deliver value for investors.
The group uses the UN Sustainable Development Goals (UN SDGs) to set impact objectives such as reducing environmental footprint through energy and water savings, enhancing resident services, leveraging resources to support affordable housing goals, and improving outcomes for residents.
In particular, the group is aligned with UN SDG 9.4 — to upgrade infrastructure and make it sustainable — through increased resource-use efficiency and greater adoption of clean, environmentally sound technologies and processes; and SDG 11.1 — to ensure access for all to adequate, safe, and affordable housing and basic services.
The group says it has preserved over 10,000 units across over 55 properties and formed partnerships with state, local and federal agencies to ensure residents pay no more than 30% of their incomes for rent.
The Hudson Valley Preservation Fund II (HVPF) closed in September 2022 at $292 million in capital commitments, $42 million more than its $250 million target.
The fund has acquired thirteen properties across New York, New Jersey, Pennsylvania, Maryland, Rhode Island and Illinois, including in new geographic areas, such as Philadelphia, Chicago, and East Providence, expanding HVPG's portfolio to seven states. With this fund, HVPG anticipates preserving more than 10,000 homes.
Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group, commented: "The Hudson Valley Property Group team is beyond grateful to be the recipient of this year's Sustainable Investment Award in the category of 'Social fund of the year, North America.'
"Our people strive every day to provide a better quality of living for residents and better value for investors, so we are thrilled they are being recognised for their efforts. Going forward, we're excited to continue leveraging our fund to expand our portfolio of affordable housing properties and preserve an additional 10,000 units that residents are proud to call home."