Part 1: Financial Well-Being Via Resident-Centered Programs

Quality, safe, stable and affordable housing is a foundational element of success for individuals and families across the income spectrum. It is a key contributor to overall financial well-being, which the CFPB defines as a state in which individuals “can fully meet current and ongoing financial obligations, feel secure in their financial future, and [are] able to make choices that allow them to enjoy life.”

Affordable housing can play a role in improving residents’ financial well-being and driving positive outcomes through resident services. Resident services are typically provided by dedicated staff and/or through partnerships developed to support greater stability and well-being for residents. Programs and services can range from onsite health screenings to access to mental health services to financial well-being and digital access. In this three-part series, affordable housing practitioners share their perspectives and insight into the impact of resident services on tenants’ financial well-being.

At Arlington Partnership for Affordable Housing (APAH), Marquan Jackson, Vice President of Resident Services, oversees a team of resident services professionals across APAH’s portfolio of nearly 2,800 affordable housing units. APAH is a midsize affordable housing developer with a goal of tripling its portfolio across the D.C. Metro area over the next four years. 

APAH implements a broad range of resident services that enhance financial well-being and create opportunities for residents to meet their present and future financial needs. Capital One has a longstanding relationship with APAH and has financed more than 600 units across APAH’s portfolio as well as made philanthropic investments for critical resident services programs.

Q: Can you share an overview of APAH’s resident population?
Jackson: APAH serves a diverse resident population of individuals and families across 23 properties. These are residents living in a high-cost area who are stretching every month to pay rent and make ends meet. That’s why it’s so important for us to provide holistic financial well-being programming that engages residents across a full spectrum of needs: from rent relief and eviction diversion to financial coaching and strategy, and ultimately to credit-building and savings programs.

Q: What kinds of financial well-being programs does APAH provide its residents?
Jackson: We design our programs with the goal of helping residents navigate resources available to them and then layering on additional services, so they can achieve upward mobility while living in one of our communities. For example, we assist residents in applying for rent relief and navigating county grants that offer financial support toward rental payments.

We also engaged a technology platform that provides positive, on-time rent reporting to the credit bureaus to help individuals establish and build their credit. Across our portfolio, participating households have both established credit and reported an improved credit score as a result of positive rent reporting.

Beyond positive rent reporting, we are launching college savings accounts for the five-year-old children living in APAH properties. We are also participating in Capital One’s Financial Well-being Pilot program at two of our properties. Through this program, residents have access to financial coaching at no cost to them. And, with a philanthropic investment from Capital One, we are piloting an Individual Development Account program with a 5:1 match, which encourages residents to save toward a personal goal such as homeownership, education or starting a small business.

Q: How do you approach program implementation across your portfolio?
Jackson: We focus on elevating resident voices through our Resident Council, which we started three years ago. The Council includes representatives from all our properties, and we pay them a living wage to participate. The Resident Council meets directly with our Board and has been instrumental not only in shaping the near-term services we offer, but also in influencing our five-year strategic plan.

We also engaged a third-party needs assessment agency to collect and synthesize survey feedback from residents. We translated the anonymous survey into 27 languages, and we’re using that as a mechanism to identify what will benefit residents the most. Similar to the Resident Council, there will be changes we can make instantly and changes we’ll share as part of our longer term trajectory.

Q: How do you view resident services as a constantly evolving journey?
Jackson: Our programs never end, but they do morph as residents and their needs evolve. For example, we host a library truck to encourage literacy among children at our properties – we have more than a hundred children under five at one property – and it fascinates them right now. As they get older, that may not be the right program to promote literacy, and we’ll pivot. While the pillar of work will stay the same, the program may change as the community grows.