Janisse: The implementation of programs and services in a community-living setting allows for ease in connectivity to residents, and supports the ability to eliminate barriers and improve life skills. Enhanced education, financial literacy and job readiness support the financial culture of the community, stabilizing the tenant base, and improving the financial performance of the asset with increased operating income and reduced expenses.

GlobeSt.com: What types of service-enriched housing programs are being implemented and why are they effective?

Janisse: Core programs are geared toward education, financial literacy and job readiness with a goal to move those unemployed or underemployed toward self-sufficiency. Coupled with youth-enrichment programs, we are able support the working family by reducing household expenses, such as day care costs, and develop a value-based community living environment.

GlobeSt.com: How do service-enriched housing programs increase the financial stability of an asset?

Janisse: Supporting the well-being of a resident population stabilizes occupancy and offers a means to improve the financial position of the asset through reduced turnover expenses, reduced criminal costs, marketing expenses and a variety of reletting expenses. When residents value the community they live in, they are invested in preserving the environment and culture.

GlobeSt.com: What are some examples of how resident services have reduced crime, lowered operating costs, and provided tenant stability?

Janisse: In a community located in Houston, a coalition of individuals, organizations, law enforcement, and business owners joined forces to educate residents on crime prevention and awareness. The efforts of the extraordinary group resulted in reducing crime by 67% over the course of 24 months and stabilizing occupancy (700 units) at 98%, thus reducing annual turnover to 19% from 57%.

GlobeSt.com: How does stabilizing resident populations in this manner ultimately stabilize an asset?

Janisse: The service-enriched housing model promotes resident retention and marketability which, in turn, reduces turnover, increases/stabilizes occupancy and minimizes vandalism and marketing costs.