Preservation of Affordable Housing (POAH) and REACH Community Development have joined Housing Partnership Insurance Exchange (HPIEx), which was formed in 2004 and is jointly owned by 19 members of the Housing Partnership Network and the Network itself. HPIEx has enjoyed very strong performance in the five years since its launch and now provides property and liability insurance for nearly 50,000 affordable rental homes throughout the country.

POAH, headquartered in Boston, acquires, rehabilitates, and manages “at-risk” housing—rental apartments endangered by mismanagement and neglect or the threat of conversion to market rates—and has a portfolio of 6,400 apartments in nine states and the District of Columbia.

REACH, which is based in Portland, Oregon, has developed or preserved and operates over 1,300 units of affordable rental homes and has revitalized residential areas and business districts and provides asset building programs and services to residents.

In September of 2008, HPIEx made its first distribution to subscribers totaling $1 million. Given a very strong year again in 2008, it is expected to make a similar distribution in the fall of 2009. The company’s key performance and financial ratios far surpass industry standards. Collective liability and property losses are 30-40% lower than those of the average rental property owner.

As Tom Bledsoe, president of HPIEx and the Network notes: “With good prevention and top-notch management, Network members have made HPIEx a leading example of a triple bottom line company that delivers strong mission impact for affordable housing communities, financial benefit for our nonprofit members, and sustainability as a social enterprise.”