Habitat for Humanity International’s community development financial institution, Habitat Capital, announced a new partnership to establish an $82.5 million property acquisition fund to boost US affordable housing production by an estimated 1,000 homes.
The new initiative is a projected 5% increase over Habitat’s most recent baseline production of 3,482 housing units. The capital for this effort was raised through the support of mission-aligned investors including Class A investors such as JPMorgan Chase, Wells Fargo, and Enterprise Community Loan Fund plus Class B investors including ImpactAssets, Arnold Ventures, the Annie E. Casey Foundation and equity from Habitat for Humanity International. The Enterprise Community Loan Fund will serve as fund manager of the new initiative.
“This financing will mean more shovels in the ground and marks a transformative step in our mission to expand access to affordable housing, providing flexible capital to empower nonprofit housing developers in navigating the challenging land acquisition market,” said Daniel Gura, executive director and vice president of Habitat Capital at Habitat for Humanity International. “We’re in the midst of an affordability crisis that demands greater levels of collaboration, and we are incredibly proud to be working with a broad coalition of investors representing a unified belief in the power of innovative financial tools to transform communities and create lasting social impact.”
Photo courtesy of Habitat for Humanity Seattle-King County
