FOR IMMEDIATE RELEASE: 5/5/2025
MEDIA CONTACTS: media@sageusa.org; pguequierre@milkeninstitute.org
SANTA MONICA, CA; NEW YORK, NY —A new report released today by the Milken Institute in partnership with SAGE outlines groundbreaking solutions to a growing housing crisis: the severe lack of affordable and safe housing available to LGBTQ+ seniors.
The U.S. housing industry is facing unprecedented inventory shortages and record-breaking prices that are devastating low and middle-income homebuyers. For older adults on fixed incomes, affordable housing options that offer the continuum of care they now need – from independent to assisted living – are few and far between. That lack of housing and care options is even more severe for the LGBTQ+ older adult community, where economic disparities and social isolation further intensify the challenges of aging.
To address LGBTQ+ elder housing disparities and financing gaps, the Milken Institute and SAGE conducted a Financial Innovations Lab® (“Lab”) market landscape. From September 2024 to February 2025, 40 interviews on this topic were conducted with key stakeholders and subject-matter experts across sectors, including academia, financial services, government, health care, sustainability, nonprofit, and philanthropy.
The resulting report, Models for Financing LGBTQ+ Affordable Elder Housing at Scale, summarizes key findings and offers five recommendations for financing affordable and LGBTQ+-affirming elder housing in today’s marketplace. These recommendations include:
- Issuing social bonds to fund LGBTQ+-affirming and affordable housing, programs, and/or services.
- Designing an impact investment fund to create LGBTQ+-affirming and affordable residential communities.
- Utilizing a pay-for-performance model to fund LGBTQ+-affirming programming, workforce training, and inclusive design improvements.
- Creating an LGBTQ+ elder housing prize to reward best-in-class housing developments and increase market visibility.
- Establishing financial sector partnerships to incentivize LGBTQ+-affirming service integration.
“The epidemic of housing insecurity faced by LGBTQ+ Americans is an issue that requires a comprehensive approach, one that taps into the creativity and resources of the financial sector, corporations, and philanthropists,” said Richard Ditizio, CEO of the Milken Institute. “Our new report, created in partnership with SAGE, highlights the many hurdles faced by this community, and the approaches necessary to drive toward lasting solutions.”
By following these recommendations, housing providers can access new streams of capital that are both sustainable and effective. In turn, more LGBTQ+ elders will have access to culturally competent services, stable housing, and long-term affordability. The alignment of solid financial incentives and measurable positive social outcomes will make LGBTQ+-affirming elder housing more attractive to investors.
“This report offers innovative strategies to address the acute housing needs that LGBTQ+ elders face,” said Michael Adams, SAGE CEO. “LGBTQ+ older people struggle with many barriers to affordable housing, including fixed incomes, isolation from family of origin, and discrimination from staff and other residents. By following the Milken Institute’s expert recommendations, housing providers can leverage new streams of capital that will make creating affordable LGBTQ+-affirming elder housing both possible and sustainable.”
View the full report here.
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About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next.
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About SAGE
At SAGE, we envision a world where LGBTQ+ elders are valued, have limitless opportunities, and thrive. Since 1978, we have led the way in advocating for policies, services, and resources that empower LGBTQ+ elders to live openly and authentically. Our dedicated team members work nationally and globally to protect our rights, build health and longevity, and preserve the vibrancy of our community as we age. Each one of us has a place to create a bright and vibrant future for the LGBTQ+ community as each one of us lights the way for the next generation to follow. Learn more at sageusa.org.
