Sept/Oct 2025 – Affordable Housing Finance Magazine – Excited to share insights from our Co-Founder and Managing Partner Jason Bordainick in Affordable Housing Finance‘s September/October cover story on the case for preservation. In the article, Jason discusses HVPG’s evolving investment strategy to address sector challenges, the role of state and local initiatives in driving preservation at the regional level, and where the next frontier for our industry lies. Read more in AHF’s latest issue here
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What is the biggest threat to preserving affordable housing?
BORDAINICK: The most acute threat today is the proposed cuts to Department of Housing and Urban Development (HUD) programs, which have historically underpinned the operating and capital budgets of affordable properties. Without reliable HUD subsidies, properties are at risk of deterioration or market conversion. It’s worth noting that the cuts initially proposed have not been upheld in subsequent draft budgets by Congress and the Appropriations Committee.
How has your strategy for preserving affordable housing communities evolved?
BORDAINICK: HVPG has shifted from targeting mostly single assets to acquiring entire portfolios, which allows us to prioritize investments where we can have the greatest collective impact. By aggregating deals, we achieve greater scale and can negotiate more favorable financing terms. This portfolio-centric approach also streamlines capital deployment, reducing transaction costs and accelerating preservation timelines. As a result, we’ve become more nimble and cost effective in safeguarding affordability at scale.
How are preservation efforts changing overall in the field?
BORDAINICK: Preservation is increasingly driven by private capital and institutional investors who are deploying dedicated pools of equity into the sector. These investors often partner with experienced operating platforms like HVPG to source, structure, and manage deals at scale. Their entry brings new liquidity and long-term hold strategies that complement traditional nonprofit and public funding, underscoring the importance of public-private partnerships in affordable housing preservation. This trend is transforming preservation from a historically cottage-industry effort into a robust, market-driven asset class.
Are there any new financing programs or deal structures for preservation?
BORDAINICK: One notable innovation is GP [general partner] cash-flow securitization, where projected rental revenues from preserved properties are rated and bundled into securities
for institutional investors. This structure provides additional financing at competitive rates. By unlocking cash flows in this way, sponsors can bridge equity gaps, creating a scalable tool across diverse geographies.
Are you seeing any promising state or local initiatives aimed at preservation?
BORDAINICK: New Jersey’s Aspire program stands out for offering state tax credits specifically for the preservation of affordable housing. By providing an additional equity source, it helps close
financing gaps on projects that may have previously been infeasible. Similar programs in other states are emerging, signaling a growing recognition that dedicated local preservation incentives can multiply federal public dollars.
What will be the next evolution of preservation?
BORDAINICK: The next frontier will likely be converting naturally affordable properties into permanently regulated affordable housing through targeted state programs. We’re already seeing
a handful of jurisdictions craft incentives and regulatory frameworks to enable these conversions at scale. Couple with emerging deal structures, this approach could dramatically expand the affordable stock. Ultimately, embedding affordability requirements into a wider range of property types will define the next phase of the field.
