Organization: Cornerstones Housing Corporation
Mission: To provide affordable housing for low- to moderate-income residents by constructing and/or acquiring housing units, managing the housing portfolio, and advocating for programs and policies that support the preservation, development, and integration of affordable housing for an inclusive and equitable Fairfax-Falls Church community.
Activities: Access to affordable housing is central to stabilizing low-income households and providing opportunities for future success. Families and individuals earning low wages struggle to afford market-rate housing, often working several jobs, and are constantly at risk of losing their homes. Cornerstones Housing Corporation (CHC), a subsidiary of leading social services nonprofit Cornerstones Inc., not only owns and operates rental housing affordable to low-wage workers, but also ensures that residents have access to help that empowers them with education, training, and job opportunities.Since 1970, CHC has worked with Cornerstones to increase the availability of affordable housing, primarily for those experiencing or on the brink of homelessness. As of June 30, 2020, the CHC housing portfolio was comprised of 108 affordable housing units including 60 scattered site condos and townhouses in Reston, Herndon, and Centreville and a 48-unit, low-income housing tax-credit community. The majority of residents who live in CHC's housing are in very low-income households, with few, if any, other options for housing in the area. CHC manages all the units in the scattered site program and partners with Cornerstones' care managers to help tenants set and achieve employment and education goals so that they can move forward financially. CHC oversees the operations of the Apartments at North Point, managed by a highly experienced private management company (Quantum Management Company). We continue to actively seek opportunities to partner in, develop, or purchase apartment communities, and during FY20 Cornerstones, Inc. entered into a joint venture agreement with Wellington Development, LLC, an experienced private developer of affordable housing, to develop affordable workforce and permanent supportive housing in Loudoun County, Virginia and referred to as Tuscarora Crossing. Cornerstones Housing Corporation will collaborate with Cornerstones, Inc. in the work on this project.CHC expenses reflect full-service property and asset management of agency-owned affordable town homes and condo units, rented to extremely and very low-income households' at-risk of, or leaving homelessness. During the pandemic, CHC waived late fees and secured rental assistance for those who lost jobs or became ill and could not pay their rent. Households with significant challenges are supported by Cornerstones' care managers, who work with each family to build their resiliency and maintain housing stability. The result is fewer families falling back into homelessness and more achieving financial growth and empowerment. Since 2014, CHC has, through RIHC Partners, LP, managed The Apartments at North Point an attractive 48-unit tax credit development in Reston, Virginia, with rents affordable to households between 30-60% of the area median income. With Cornerstones, CHC also advocates for policies that address the root causes of poverty and in particular the stark lack of affordable housing in the DC region. Cornerstones' CEO co-chairs the Fairfax County Affordable Housing Advisory Committee, overseeing the development of a County-wide Housing Strategic Plan. CHC's Executive Vice President works with peer public and private leaders in affordable housing-related committees, task forces, and working groups across Northern Virginia, and was awarded the 2019 Northern Virginia Affordable Housing Alliance Regional Housing Leader's Award in recognition for his distinguished career working and volunteering for organizations that help the homeless and low-income households find affordable places to live.
NTEE category: Housing & Shelter
Secondary category: Community Improvement & Capacity Building