Preserving the housing working families already call home.
The Amarnath Foundation owns and operates two multifamily properties in central Indiana — keeping families stably housed at rents below the HUD-affordable threshold for their county.
actively preserved
(Anderson & Muncie, IN)
currently housed
(seeking partners)
Stable homes. Below the affordable line. For the people the market is leaving behind.
Across the United States, naturally occurring affordable housing — older multifamily buildings whose rents are simply low because of age, location, and ownership choices — is being acquired by investors who raise rents to market. When that happens, the working-poor families who lived there for years lose their homes.
The Amarnath Foundation acquires and holds these buildings as a mission-aligned owner. We keep rents below the HUD-affordable threshold for each property's county. We renew leases. We make repairs. We keep families housed.
It isn't glamorous. It's just what real preservation looks like.
Three commitments to the families who call our properties home
Every dollar donated extends the runway of a foundation that is currently founder-funded.
Acquire NOAH, hold long-term
We buy small multifamily buildings in distressed Rust-Belt cities where naturally occurring affordable housing still exists, and we don't sell them to maximize return. Our two current properties were acquired in 2024 and 2025.
Rents below the affordable line
HUD's "affordable" threshold for our counties is roughly $1,000/month at 80% AMI. Our rents range $550–$750/month — meaningfully below that bar. Tenants keep more income for food, transportation, and savings.
Renew, repair, retain
Multi-year tenancy is the actual measure of preservation. Our flagship Anderson property has families on multi-year leases that have been renewed in place rather than turned over for higher rents.
Bharath Ramanidharan
Bharath is the founder and Executive Director of the Amarnath Foundation. He spent more than two decades in technology and corporate engineering before turning his attention to the housing-preservation problem visible in distressed Midwest neighborhoods. He personally underwrites the foundation's BMR units — and is now seeking philanthropic partners to scale the work.
Bharath holds engineering degrees from Amrita University (India) and The University of Texas at Dallas, and lives with his family in San Jose, California.
Executive Director · Amarnath FoundationWhere the work is happening
1527 Walnut Street
- Building type
- Multifamily, 3 units
- Acquired
- September 2024
- Rent range
- $550–$750/mo
- Currently housed
- 3 households
820/822 W Howard Street
- Building type
- Multifamily, 4 units
- Acquired
- August 2025
- Rent range
- $550–$700/mo
- Status
- Turn in progress
Help us preserve more units in 2026
Donations are tax-deductible. The Amarnath Foundation is a 501(c)(3) Private Operating Foundation (EIN 99-3628811).
Donor-Advised Fund (DAF)
Recommend a grant from your DAF (Fidelity Charitable, Schwab Charitable, Vanguard Charitable, or community-foundation DAF). EIN 99-3628811.
Wire transfer / ACH
Email info@amarnathfoundation.org for wire instructions.
Stock or appreciated assets
Gifts of appreciated stock receive a 30% AGI deduction. Email us to coordinate transfer.
Check by mail
Pay to: Amarnath Foundation · 130 Descanso Drive #170, San Jose, CA 95134