The Tapestry Group, Inc. was formed in 1997 for the express purpose of lessening the burdens of government and to provide affordable rental housing for low- and moderate-income families. Over the years and under the guidance of numerous Boards of Directors, Tapestry constructed, operated, and ultimately disposed of several rental housing projects in Florida, Iowa, and Texas.
In early 2020, it was determined that Tapestry was being underutilized and that a fresh perspective was needed to help accomplish Tapestry’s corporate purpose, especially in light of the national housing crisis for low- and moderate-income families. A new Board of Directors led by several real estate veterans was subsequently appointed. Their goal, along with a newly created Advisory Board, is to leverage on their collective experience and forge a new way forward based on meaningful and lasting partnerships, while honoring Tapestry’s commitment to being a part of the solution to our nation’s housing crisis.
With a new Board of Directors and Advisory Board in place, we’re engaging the real estate development and investment communities in new ways to benefit our partners and the community. We’re leveraging innovative strategies to maximize our use of capital while incentivizing our partners to become an integral part of the solution. Most importantly, we’re dedicated to establishing initiatives and participating in existing programs on a local level to positively impact our residents and the neighborhoods in which we own and operate rental housing.
What We Do
We build, acquire, and operate safe and affordable rental real estate for low to middle-income families while working with the community to develop and maintain programs that improve our residents’ quality of life.
Why We Do It
With higher-income households accounting for much of the growth in demand for rental apartments since 2010, new supply has been concentrated at the upper end of the market. These new units typically offer amenities, including locations in the core parts of metro areas, that put their rents out of reach for even middle-income households (including first responders, teachers, nurses, and many municipal workers). Meanwhile, rising demand, constricted supply, and changes in the ownership and management of existing rental properties—particularly smaller apartment buildings—have helped to reduce the stock of low- and moderate cost units.
These conditions underscore the urgent need to preserve whatever low-cost rental housing still exists and, at minimum, replace what has been lost. If the tightness in rental markets persists, the number of cost-burdened renters will likely remain in the tens of millions.
1. AMERICA’S RENTAL HOUSING 2020, Joint Center for Housing Studies of Harvard University. https://www.jchs.harvard.edu/americas-rental-housing-2020↩
How We Do It
Once a project is identified, our team engages with local community leaders to determine what’s needed most so we can fashion programs designed to address those challenges. At the same time, we’re connecting with local community service providers to coordinate our efforts.
In many states, we’re able to take advantage of generous real estate tax exemptions for non-profits, leading to increased cash flow that is used to incentivize our partners and, more acutely, to benefit our residents through lower rents and community programs.