The CS Large Cities Housing Fund – 2025 Annual Impact Report
As we reflect on 2025, I'm filled with deep gratitude and optimism. Three years ago, we acquired our first property; today, we stand on the cusp of completing Fund I's acquisitions and preparing to embark on an exciting new chapter with Fund II. The past three years have been a whirlwind of both remarkable successes and important challenges. Through it all, we have continued to grow the impact of our work.
In 2025, we housed 214 individuals transitioning out of homelessness, bringing the total number of people housed since inception to nearly 700. This achievement, accomplished without federal tax credits, is a testament to the power of our model. We continue to focus on improving housing stability, ensuring that once an individual is housed, they have access to the network of services and supports they need to remain housed. Our goal for the next year is to increase our 12 month retention rate from 75% to 85% through strengthened referral partnerships and enhanced resident services coordination.
2025 was also a year that presented several important challenges that we navigated well. Softer market conditions in certain cities reduced demand at some of our older properties, while broader economic pressures on lower-income and workforce renters contributed to slower leasing and increased difficulty with rent payments. Some of the market dynamics that presented challenges on the operations side also presented opportunities for acquisitions.
The acquisition of 1001 Tyvola in Charlotte, a 297-unit property built in 2022, is a prime example of this. The property has luxury amenities, sits right on Charlotte’s recently built light rail line, and is in a developing neighborhood. Being able to purchase the property and not only house individuals who are exiting homelessness but also preserve all of the rents in the building at 80% AMI and below is a prime example of how this model can truly be more efficient than more traditional financing structures.
As we look ahead to 2026 and Fund II, we are thrilled to build upon the successes of the past three years. We plan to prioritize the acquisition of larger, newer vintage properties that provide high-quality, amenity-rich housing. For our existing portfolio, we have several important capital improvement projects underway, and we are working to secure new housing placement partnerships in the face of a rapidly changing state/federal funding environment. And we will expand our Resident Services Coordination program by strengthening our partnerships with local service providers to better support the individuals and families who call our properties home.
None of this would be possible without the incredible support of our funders and partners. On behalf of our entire team, thank you for your partnership and belief in our mission. Together, we are making a tangible difference in the lives of those we serve, and I am excited to see what the future holds.
