• Who Needs a Home (nonprofit) — mission-driven parent organization focused on ending veteran homelessness; provides case management, program services, and charitable oversight
• Who Needs a Home LLC (real estate arm) — wholly owned by the nonprofit; handles all property acquisition, renovation, and asset management
• Governance: nonprofit board oversees acquisition strategy; outside counsel reviews every transaction, keeping the LLC's activity tied back to the charitable purpose

• Director of Real Estate — owns acquisition strategy, underwriting, board-level deal approval
• Acquisitions Specialist — sources and screens properties against acquisition criteria
• Finance & Underwriting Analyst — builds pro forma, manages capital stack per deal
• Construction/Rehab Manager — scopes renovation, signs off on code/inspection readiness
• Compliance & Grants Manager — tracks funding-source rules and reporting obligations
• Property Manager — runs day-to-day operations post-occupancy

• Capital flows into a dedicated acquisition vehicle sponsored by the LLC, secured by the real property it finances
• Two-tranche investment structure (detailed in Section IV)

1. Source — identify undervalued properties via agents, REO, land banks, donations
2. Underwrite — model all-in cost per unit against local voucher payment standards
3. Renovate — bring property to code, accessibility, and inspection standards
4. Lease — place a matched veteran; rent anchored by HUD-VASH/SSVF
5. Stabilize — refinance or hold for cash flow; redeploy capital into the next acquisition

Key mechanic: capital recycles — each stabilized property frees the next round of capital, reducing reliance on continuous new fundraising over time.

• The core problem isn't a shortage of funding or vouchers — it's a shortage of inspection-ready, landlord-accepted units
• 32,495 veterans homeless on a single night (Jan. 2025); vouchers exist but often go unused for lack of an available unit
• The LLC exists specifically to manufacture supply where vouchers already have demand waiting

• Veteran referred → voucher approved → LLC-owned unit fills the final gap in that chain
• Rent structure keeps veteran contribution low: veteran pays ~30% of adjusted income; HUD-VASH/SSVF covers the majority share
• Wraparound case management (via the nonprofit parent) tied to a 95.9% national housing retention rate

• Year 1: 12 units → Year 5: 120 units
• ~500 veterans and family members housed cumulatively by end of Year 5
• $0 net new cost to taxpayers beyond already-funded federal voucher programs — the LLC monetizes existing but underused public commitments

• Nonprofit governance ensures acquisitions stay mission-aligned rather than drifting toward pure profit-maximization
• Scattered-site, multi-market model avoids concentrating veterans in a single large complex
• Compliance manager ensures ongoing adherence to HUD/VA program rules that protect tenants

   Tranche A — Acquisition Notes Tranche B — Impact Preferred Units     Instrument Secured promissory note Preferred membership units   Target return 5–7% fixed annual 6–9% preferred, plus upside   Term 3–5 years, renewable 5–7 year hold   Security First lien on financed property Subordinate to Tranche A   Position Senior to LLC equity Share of value at refinance/exit   Best fit for CDFIs, foundations (PRI), banks Impact funds, family offices    

• Rent anchored by two streams: government voucher payment (majority) + veteran's income-based share (minority)
• Government share is contractual, not tied to a single tenant's job stability
• Demand structurally exceeds supply in every target market — low vacancy risk by design

• All-in acquisition cost: ~$193,000 (purchase + renovation + closing/carrying costs)
• Annual NOI: ~$12,400
• ~6.4% unlevered NOI yield on all-in cost — before financing and before long-term property appreciation
• Funding stack per unit: investor capital (~60%), grants/program funding (~30%), LLC equity/reserves (~10%)

• Gross rental revenue: $223K (Yr1) → $2.23M (Yr5)
• NOI: $149K (Yr1) → $1.49M (Yr5)
• By Year 5, recycled capital funds ~40% of new acquisitions — reducing investors' ongoing capital burden over time

• Funding policy risk → diversification across HUD-VASH, SSVF, and local CoC funding sources
• Compliance risk → dedicated Compliance & Grants Manager
• Renovation overrun risk → independent inspection, three-bid contractor process, reserve contingencies
• Tenant turnover risk → active case management driving 95.9% retention
• Concentration risk → scattered-site, multi-market portfolio design
• Liquidity risk → staged capital calls, tranche structure, and refinancing plan aligned to asset hold periods

• CDFIs manage $222B in assets across 1,400+ certified institutions nationally
• Every $1 of public CDFI capital leverages $8 of private capital
• 98,451 affordable housing units created/rehabilitated by CDFIs in 2024 alone
• Comparable impact managers deployed $307M in 2024 across 4,700 units
• Established return benchmarks: CDFI-style debt funds 2–6%, nonprofit-sponsored funds 4–8%, ESG institutional funds 8–15% — Who Needs a Home LLC's 5–9% target sits squarely within this proven range

• Financial return: fixed-income-like yield (Tranche A) or preferred equity upside (Tranche B)
• Social return: measurable, permanent reduction in veteran homelessness, at no incremental cost to taxpayers
• Countercyclical demand — veteran housing need is driven by service history/disability, not economic cycles, offering some insulation from broader market downturns

• Total raise: $2.5M
• Use of funds: 58% property acquisition · 27% renovation/accessibility · 10% operating/maintenance reserves · 5% working capital/closing costs
• Target: 13 units acquired and occupied within 18 months of close
• Target investor return: 5–9%, depending on tranche

1. Review the full Operations Guide (underwriting and compliance framework)
2. Schedule a diligence call with the Director of Real Estate and Director of Human Services
3. Tour a comparable property and meet a veteran already housed through the program

The nonprofit-LLC structure lets Who Needs a Home LLC operate with real estate discipline while remaining mission-locked: the parent nonprofit guarantees mission alignment and provides the case-management infrastructure that drives retention, while the LLC's tranche-based capital structure gives investors a contractual, voucher-backed income stream with return profiles comparable to established CDFI and impact-real-estate benchmarks. The result is a self-reinforcing cycle — investor capital funds acquisitions, stabilized properties generate recyclable capital, and each completed cycle both grows investor returns and permanently houses another veteran.