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.
Key report 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.