GREENVILLE, S.C. – Flexible Payments, dedicated support services and positive credit reporting are the essentials to helping people break the cycle of poverty, according to a new report from Affordable Upstate and NOAH Property Management (NOAH), which manages about 1,500 units of unsubsidized affordable housing.
The Advancing Economic Mobility and Empowering Communities Resident Impact Report is the culmination of the two organizations’ efforts to better understand the needs of people in workforce housing, said Mario Brown, CEO of Affordable Upstate.
“By reducing upfront costs with deposit alternatives, providing flexible rent payment options through FlexPay, and reporting timely payments to boost tenants' credit histories, NOAH Property Management not only promotes financial responsibility but also enhances tenant satisfaction and economic mobility creating a sustainable model for housing equity and economic empowerment,” Brown said.
Matt Foster, CEO of NOAH Property Management, said the Impact Report underscores what Affordable Upstate and NOAH Property Management have spent the past few years trying to achieve.
“NOAH's innovative housing strategies, including the FlexPay program and deposit alternatives, empower residents living at 50-70% Area Median Income (AMI) to build economic mobility by addressing financial barriers and fostering long-term stability,” Foster said.
South Carolina faces one of the highest eviction rates in the United States, with Greenville County experiencing an eviction rate of approximately 20%, significantly higher than the national average of 8%.
That is why Affordable Upstate and NOAH Property Management began looking for ways to reverse those trends.
One of those was a FlexPay program that allows residents to align their rent payments with their income cycles, alleviating financial stress and promoting timely payments. Notably, 109 residents of roughly 500 -- approximately 22% -- enrolled in FlexPay.
“By implementing FlexPay, NOAH Property Management demonstrates a commitment to enhancing housing stability and reducing eviction rates in South Carolina,” Brown said.
NOAH Property Management also started reporting monthly payments to credit agencies, which helps tenants build strong financial stability.
“We believe in empowering our residents by reporting positive rent payments, helping them build stronger credit profiles and gain financial independence,” Foster said. “This initiative underscores our commitment to creating meaningful pathways for upward mobility.”
Key findings include:
Lower Eviction Rates with FlexPay: Residents enrolled in Flex Pay benefit from flexible rent scheduling, reducing financial strain and improving rental payment adherence. The results are compelling: FlexPay Participants saw an 8.3% average eviction rate, while non-FlexPay Tenants were at a 13% average eviction rate. That means FlexPay reduces eviction rates by approximately 36% and therefore fosters housing stability.
Credit Advancement through Rent Reporting: Positive payment reporting enhances residents’ credit visibility and improves their financial standing with 35 Residents became “credit visible” for the first time via rent reporting. The average increase in credit scores among residents was +25 points in 2024. For residents with long-term (2023 & 2024) enrollment, improvements averaged +44 points, helping them qualify for better opportunities like vehicle financing or mortgages. A notable 9% of residents transitioned from subprime to prime credit status, reducing their cost of borrowing.
The Supportive Services Program: This was created to improve the lives of residents across their portfolio by connecting individuals and families to essential community resources. In 2024 NOAH partnered with the Southeast Affordable Housing Administration and Leadwell 360 to bring onsite case management to one of its largest managed assets, Paris Park, 369 units as a beta test. This program helped guide at least 39 residents to critical resources such as food programs and rent assistance.
“In 2025 we plan to expand these essential services and reach even more residents in need,” Brown said. “Together, we’re transforming lives and creating opportunities for brighter futures.”
About Affordable Upstate:
Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina. Since 2017 they have placed over $50 million of investor equity into socially responsible, environmentally enhanced workforce housing assets, resulting in a diverse and thriving portfolio with over 1,450 apartment units that satisfy the expectations of residents, investors, and communities. Learn more at Affordable Upstate.
About NOAH Property Management:
The mission of Naturally Occurring Affordable Housing Property Management (NOAH)’s mission is to provide economically mobilizing property management to multifamily assets in the Upstate of South Carolina. For more information about NOAH Property Management and its resident-focused programs, visit www.NOAHpm.com or call 864-580-NOAH.
Comments