Home | Contact

DO WELL. DO GOOD. DO MORE.™

Get the Multifamily Impact Framework™


Conversions: An Impactful Affordable Housing Solution 


Kevin Smith

The Donaldson Group, Donaldson Impact Investments


The Affordable Housing Handbook


Cutting Costs to Increase Supply


Our Members

in the News


Dominium

NEF and Vital Housing

Wells Fargo

CCRC

Letter from Bob

The Incredible Upside to This Type of Conversion

March 2025

Making an impact by providing more affordable housing options could not be more crucial than it is today. As the gap between those who need affordable apartments and the availability of those units widens, stakeholders are becoming increasingly creative in their efforts to meet this need. 

 

One of the most innovative (and yet obvious) solutions to this challenge is to convert market-rate housing to affordable housing. A rising number of multifamily owners and operators are choosing this path because it is fast, economical, and convenient. And anything that facilitates the path to impact is worth exploring, in my view. 

What does this type of conversion involve? Read on for our Q&A with Kevin Smith of Donaldson to find out. 


Bob Simpson

President and CEO

Conversions: An Impactful Affordable Housing Solution

Kevin Smith is Chief Investment Officer at The Donaldson Group, a full-service real estate management firm, and Co-Founder and Managing Partner at Donaldson Impact Investments, which acquires multifamily assets and partners with a select group of impact investors to preserve and enhance critically needed naturally occurring affordable housing. 

Purchasing market-rate multifamily communities and converting at least some of the units to affordable housing has been an effective way to increase the supply of budget-friendly apartment homes in many markets. What is your take on this practice? 

We are facing an escalating affordability crisis. We believe that converting existing communities is a very effective means to provide critically needed affordable housing faster than development and make an immediate impact. In addition to converting these assets we plan to offer onsite resident assistance and resident services to all residents within these communities. 

READ MORE

The Affordable Housing Handbook

Cutting Costs to Increase Supply

The Affordable Housing Handbook simplifies the complex world of affordable rental housing and shares market-based insights on how public policy and private capital can work to improve the lives of renters and create financial value for investors. To subscribe to The Affordable Housing Handbook on LinkedIn, click here. To subscribe on Substack, click here

 

Last year, the lack of affordable housing in our communities, drove nearly half of all renter households in the United States – over 50 million people – closer to the edge of a financial cliff. These households – one out of every seven Americans – are paying more than 1/3 of their pre-tax income just to stay in their homes. As a result, it has become harder for them to afford groceries and clothes, and build wealth. They are falling further behind because we do not have enough housing supply that is affordable for them to rent. 



READ MORE

Our Members in the News

·    Dominium Unveils New Leadership Team

·  National Equity Fund (NEF) Collaborates with Vital Housing to Preserve and Enhance 211 Units of Affordable Housing in the Pacific Northwest

·  Wells Fargo: NeighborhoodLIFT Returns to Philadelphia

·  California Community Reinvestment Corporation Takes Action to Safeguard Assets While Collaborating with Local Partners


Have news to share? Send your links to MultifamilyImpactCouncil@thesmartagency.com and we’ll spread the word in this newsletter and on our LinkedIn page. 

Know someone who might be interested in this newsletter? Share it with them.

X Share This Email
LinkedIn Share This Email

©2025 LinkedIn Corporation, 1000 West Maude Avenue, Sunnyvale, CA 94085. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn.