1 of 4

Kansas Housing Health

Investing in Wichita's Future: Real Estate Impact for Foster Youth

The Crisis

60% of Kansas foster youth age out without a permanent home. 22-30% experience homelessness during their transition to adulthood.

The Solution

A $5M double-bottom-line fund to acquire and renovate ~25 homes, providing supportive housing for 200+ residents over the fund's life.

Dual-Entity Impact Structure

Wichita, Kansas MSA

April 2026

2 of 4

The Opportunity & Market Gap

Leveraging Distressed Inventory and Policy Tailwinds

Strategic Market Opening

Wichita Land Bank Dissolution

Program scheduled for dissolution in April 2026 after

acquiring only 2 properties in 5 years.

Distressed Inventory Arbitrage

Significant supply of vacant homes in core ZIP codes

(67214) acquirable at a discount to replacement cost.

Institutional Subsidy

Kansas Foster Child Educational Assistance Act

waives tuition through age 23, reducing resident

financial burden.

The Crisis in Numbers

Acute Demand: Over 500 teenagers age out of Kansas foster care annually. 60% leave without a permanent home.

3 of 4

Business Model & Execution Strategy

Scalable Architecture for Impact and Returns

Dual-Entity Structure

Wichita Impact Fund LP (Real Estate)

Owns 100% of properties. Receives predictable

Master-Lease rent at fair-market rates.

Master Lease

501(c)(3) Services Operator

Manages resident selection, wraparound services,

and individual subleases. Funded by grants &

vouchers.

*This structure isolates real estate risk from program execution risk.

Phased Housing Model

Community College Phase

Shared-room (bunk)

Associate/Cert. focus

Intensive support

Four-Year College Phase

Single-room housing

Bachelor's focus

Greater independence

Execution Excellence

Standardized Renovation: Tiers (Gut, Mod, Light) for scale.

Risk Mitigation: Independent PM firm for maintenance.

Blended Stack: HUD FYI vouchers + philanthropy.

Our business model is designed for both scalability and predictable income, building directly on the market opportunity we just discussed. We've structured a two-phase housing approach: shared rooms for community college students needing intensive support, then single rooms for those pursuing bachelor's degrees. This model adapts to their evolving needs. The fund receives master-lease rent at fair-market rates from an affiliated 501(c)(3) operator, which insulates our limited partners from individual tenant risk. We've also standardized our renovation process with clear 'tier' templates, ensuring cost-effective and repeatable execution. This blended funding approach, leveraging HUD vouchers and grants, ensures comprehensive support for residents. Now, let's look at the financial projections and how we plan to exit this investment.

4 of 4

Financials & Strategic Exit

Driving Impact with 5-8% Unlevered Yield on Cost

Line Item (Per Property Average)

Indicative Range

Total Project Cost (Acquisition + Renovation + Soft Costs)

$115,000 – $205,000

Stabilized Market Value

$160,000 – $250,000

Annual Master-Lease Rent (Fair-Market)

$14,000 – $19,000

Fund-Level Net Operating Income (NOI)

$8,000 – $13,000

Institutional Sale

Sale to impact-aligned institutional buyers or CDFIs.

Join the Wichita Housing & Opportunity Fund

7-Year Term | $5M Target | 5% GP Commitment