So when the opportunity came to move into a two-bedroom apartment in December 2019, she jumped at the chance. Now Ms. Budway lives at Gilliam Place, an affordable housing complex built on property that Arlington Presbyterian Church owns. “My world has gotten so much larger,” she said. Ms. Budway is the beneficiary of a growing real estate trend: Across the nation, faith-based organizations are redeveloping unused or derelict facilities to help rectify a housing affordability crisis while also fulfilling their mission to do good in the world. With the exception of a few well-heeled churches or synagogues, most religious organizations tend to be land rich and cash poor, said Geoffrey Newman, an executive managing director at Savills, a real estate services company.

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Persons: Emma Budway, Budway, Geoffrey Newman Organizations: Arlington Presbyterian Church Locations: Arlington , Va, Gilliam, Arlington