The shortage of affordable housing is reaching crisis proportions across the country where many individuals are spending more than fifty percent of their income to secure housing. While new housing starts continue to increase, developers have traditionally opted to shy away from the affordable housing market and the associated regulatory requirements to focus on more lucrative opportunities. Pronto Housing is an end-to-end SaaS platform that manages the affordable housing compliance process, relieving property owners of the administrative responsibilities. By reducing the burden with technology, affordable housing projects become more economically viable, and in turn, this leads to an increase in the supply of affordable homes for those that are at risk of housing instability. By streamlining the process for property developers, they are able to take advantage of the many affordable housing development programs offered by the federal government and local government agencies. With Pronto, property owners can reduce the time spent on compliance by 5x. For residents, their annual certifications and application process is also optimized. The company, in beta, already works with a number of property owners that manage over 2000 units. AlleyWatch caught up with Pronto Housing CEO and Cofounder Christine Wendell to learn more about how technology can drive the creation of affordable housing, the company’s strategic plans, and recent round of funding from investors that include Wilshire Lane Partners, Nine Four Ventures, Essence Development, Jamar Adams, Lemor Development Group, and Sara Shank.
5 deals totaling $80M+; 2 exclusives.