In December, Military Housing Privatization Initiative (MHPI) provider Corvias announced that the company secured access to more than $560 million in capital to support its U.S. Army privatized military housing portfolio. The investment includes $466 million of new private capital and nearly $100 million in portfolio reinvestment account funds.

This is the MHPI program working for military families, the Armed Services, and taxpayers.

With the announcement, Corvias is planning to deliver improvements to military families across six installations – with nearly $210 million slated for housing at Fort Liberty, Fort Meade, and Fort Novosel. The improvements include a $91 million investment at Fort Liberty, which will support renovations to more than 1,100 homes; a $93 million investment in Fort Meade housing, which will support upgrades to nearly 900 homes; and an investment of more than $23 million at Fort Novosel, including new flooring, cabinets, and fixtures in more than 350 homes.

“This investment brings significant added value to the Army, our residents and the community alike,” said Chris Wilson, Corvias Chief Executive Officer. “In conjunction with our Army partners, we are creating more modernized and marketable homes as well as driving increased resident satisfaction to support the Department’s readiness and resiliency goals.”

Another $305 million from the Corvias investment will be used to refinance an existing investment at lower cost and with greater flexibility for the partnerships.

“The housing improvements made possible through this investment will upgrade more than 2,000 homes, helping to increase satisfaction of our service members and their families who choose to live in our on-post housing,” said Pete Sims, Managing Director for DOD at Corvias. “The scale of the renovation projects also allows us to support our communities by engaging numerous subcontractors and suppliers to help stimulate the local economies – a hallmark of our long-term public-private partnerships.”

Privatized Military Housing is Delivering Substantial, Cost-Effective Investments to Restore and Improve Military Communities

Corvias’ announcement builds on the commitment of MHPI providers to work in partnership with the Armed Services to modernize the military housing portfolio, including:

  • Liberty Military Housing is investing more than $120 million for significant upgrades to 12 military housing communities in the Mid-Atlantic region.  At Joint Base Lewis-McChord, Liberty is halfway through a $108 million renovation project and has committed to investing an additional $185 million in new construction and renovation projects over the next five years.
  • Mayroad recently broke ground on a historic development to build the U.S. Air Force’s first commercial apartment complex for unaccompanied service members at Edwards Air Force Base.
  • Balfour Beatty Communities has launched a project to modernize family housing at Fort Eisenhower with 76 new three- and four-bedroom homes and accessible units, and expects to soon complete a multi-phase new home construction and exterior renovations at Fort Hamilton.
  • Hunt Military Communities is investing over $11 million across Little Rock Air Force Base, Hanscom Air Force Base, Moody Air Force Base, and Patrick Air Force Base to upgrade heating and cooling systems, replace roofs, and improve infrastructure – all in addition to extensive ongoing upgrades at Redstone Arsenal.

Learn more about how the MHPI program continues to meet the unique needs of service members and their families through innovative, sustainable housing solutions in partnership with the Armed Services at www.militaryhousingassociation.org/about/about-mhpi/.