IMPACT Community Capital, which has been harnessing the power of private capital to address the need for affordable housing for more than 20 years, closed a record-breaking fourth quarter with commitments and loan purchases of more than $60 million that will create more than 1,300 additional units of affordable rental housing*. These projects — ranging from one to serve the homeless in Southern California to another aimed at seniors in Florida — highlight the range of IMPACT’s efforts and the sheer breadth of the affordable housing crisis across the country.
The fourth quarter capped another strong year for IMPACT, a pioneer in impact investing that works with institutional-sized purpose-driven investors and developers seeking to make a positive impact for communities by promoting affordable housing, healthcare, childcare, and economic opportunities. IMPACT’s efforts in 2019 will support the creation of 2,925 affordable multi-family rental units, thanks to 36 new commitments and purchases totaling $109.2 million.
"In 2020, we expect similarly strong demand for affordable rental units and a low interest rate environment to drive increasing commitments and purchase volume," said Michael Lohmeier, IMPACT’s chief investment officer. "Challenges in 2020 will continue to be overall development costs and the scarcity of federal and state resources to support affordability."
Last year’s commitments showcase the diversity of the communities IMPACT serves. In the fourth quarter, for example, IMPACT financed the Fairview Heights development in La Puente, Calif., just east of Los Angeles, through a long-standing relationship with Bank of America. This development, sponsored by two leading nonprofit developers, will create 101 new affordable rental units, including 50 units dedicated to serving homeless individuals with complex mental or physical health problems. Fairview Heights will offer high-level social services ranging from community events to financial literacy classes with the help of on-site coordinators.
Through its relationship with Wells Fargo, IMPACT financed the second phase of a two-part acquisition and rehabilitation development in Coral Springs, Fla., sponsored by a leading national developer and local nonprofit housing and service provider. Once completed, this phase of the project will add 219 rehabilitated residential units, bringing the combined total units to 438. All of the units will target the local senior population and over half will be covered by a project-based subsidy contract.
Earlier in the year, IMPACT, also through its relationship with Wells Fargo, financed a development that focuses on the local homeless veteran population in Wilmington, Del. Of the 51 total units, 40 will have a project-based voucher through a HUD VA program and will target veterans and their families, making less than 40% of AMI.
IMPACT believes access to affordable housing is the bedrock for building healthy neighborhoods of all types and economically vibrant communities in all locations. Over the past two decades, IMPACT has helped originate approximately $2 billion in institutional-quality investments to finance the creation of more than 45,000 affordable housing units — without sacrificing investment quality.
*Past performance is not indicative of future results. Investors are subject to the risk of loss.
About IMPACT
Founded in 1998 by leading insurance companies to generate institutional-quality, purpose-driven investments, IMPACT Community Capital is a pioneer in impact investing and was among the first to use securitization to deliver capital in scale for affordable housing. The firm has now originated $2 billion investments to provide affordable housing, healthcare, childcare and economic opportunities. IMPACT looks to guide new investors seeking to unleash the power of capital to transform communities without compromising investment quality or performance. For more information: impactcapital.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200128005115/en/
Contacts
Christina Drexler
BackBay Communications
(617) 391-0774
christina.drexler@backbaycommunications.com
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IMPACT Community Capital Announces Record Quarter for Affordable Housing Financing - Yahoo Finance
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