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Vigour Times February 28, 2022 Rancho Santa Margarita-based Kairos Investment Management Co. recently acquired a 238-unit affordable apartment complex...
March 25, 2022
Kairos Investment Management Company (KIMC) has launched a new program for its affordable housing communities to help residents improve their credit profiles. The program is led by Esusu, the pioneering fintech company that reports rent payments to the three major credit bureaus (Equifax, Transunion, and Experian) with the goal of helping renters boost their credit scores and assist property managers with maximizing returns.
“Kairos is committed to providing social programs that aim to better the lives of residents in multiple ways,” says Carl Chang, CEO of KIMC. “In the past quarter, we had over 12,383 residents benefit from a variety of our social programs, which are tailored specifically to meet the needs of those in each apartment community. After the last two challenging years of the pandemic, opportunities for renters to improve their financial profiles are in especially high demand. We are thrilled to offer this program to the many residents at our communities who might not otherwise be able to raise their credit scores.”
As part of a larger initiative announced in November 2021, Esusu is working with Freddie Mac to enable KIMC to bring these rent reporting and credit-building capabilities to 19 of its affordable housing communities. “This exciting new program strives to elevate the financial profiles of residents at our affordable multifamily communities,” said Anita Rodriguez, Impact Program Manager for KIMC. “Those who pay their rent on-time will automatically have those payments reported to the top three credit bureaus by Esusu, allowing residents to build their credit at no cost. Improved credit scores come with many benefits, including better interest rates on credit cards, car loans, and more. We believe Esusu’s model offers a great benefit for the residents of our communities.”
Founded in 2018, Esusu uses rent reporting and data solutions to bridge the racial wealth gap. There are over 45 million people in the United States without a credit score and a majority of those without credit or credit thin profiles are renters. Esusu partners with property owners and housing providers like KIMC to create credit-building opportunities for renters. “Our partnership integrates Esusu’s credit building and renter support capabilities into Kairos Investment Management Company’s already comprehensive social impact strategy for renters,” said Samir Goel and Abbey Wemimo, Co-Founders of Esusu. “Both companies are aligned and focused on our collective efforts to dismantle barriers and roadblocks for renters while creating affordable and quality housing solutions and credit options for working families.”
“Esusu also uniquely offers Rent Relief for residents experiencing financial hardship,” Rodriguez adds. “The initiative gives renters the opportunity to apply for access to interest-free, no-fee loans to help cover the cost of rent for up to two months,” Rodriguez adds.
KIMC is introducing residents to Esusu both digitally and with printed flyers to ensure that every resident is informed regardless of Wi-Fi, smartphone, or computer access.
“Only 8% of service coordinators who work closely with affordable housing residents report that these renters have reliable internet access,” explains Rodriguez. “We have created a one-page printed document explaining the program in English, Spanish, and Creole (for our Florida residents). Our goal is to help as many of our residents as possible with improving their financial situations.”
* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.
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30242 Esperanza
Rancho Santa Margarita, CA 92688
(949) 709-8888
(949) 800-8500
investorreporting@kimc.com
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