By day, Henry Graciani oversees a 54-bed treatment center for alcoholics and drug addicts who come to him broke and hopeless. After work, he makes a quick drive to the $1.3m Santa Monica home he shares with his wife and three children. Graciani is not a high-paid executive returning to a beach retreat. He and his wife, Dina, are career Salvation Army officers who bring home $25,000 per year — combined. They are among dozens of the charity’s officers in Southern California who are paid modest salaries but given rent-free housing — some in high-priced communities such as Rancho Palos Verdes, Seal Beach and Santa Monica. Best known for its red-kettle holiday bell ringers, the Salvation Army is one of the nation’s largest charities. It serves more than 69m meals a year to the needy, houses thousands of the nation’s homeless and provides ready response to worldwide disasters — most recently in Haiti. It’s also a real estate powerhouse. In Los Angeles and Orange counties alone, the charity owns 87 homes and condominiums worth about $52m. Nationwide, it valued its real estate holdings at about $4bn in 2008 — one-third of its total assets.
Most Popular Articles
PropTech Special Reports
As real estate professionals adapt to market shifts, they continue to turn to proptech companies to help them provide clients with a streamlined experience.
Jun 01, 2020