CEO Jeff Brenner spoke with New Private Markets to discuss IMPACT Community Capital’s $210 Mortgage Opportunities Fund.
The Fund comes at a crucial time: an upcoming expiration of affordability restrictions for over 120,000 units, a surge of rental prices, and pay cuts and job losses make these fundraising efforts very timely. With investments from six institutional investors, the Fund seeks to extend the affordability status of housing units across the United States.
“Once people in affordable housing get a good, safe, quality place to live, they tend to stay there, particularly in uncertain times like this,” Jeff Brenner told New Private Markets. “This opportunity fits perfectly for insurance companies trying to match their liabilities with similarly long-dated assets that produce income.”
In the last year, interest in affordable housing has grown and investors have been dedicating more resources to the cause. Given the immediate and escalating need of the affordable housing crisis, this increased attention will be essential in providing immediate relief and long-term solutions.
New Private Markets subscribers can read the full article here.