San Francisco, CA – November 19, 2024 – IMPACT Community Capital announced today that it closed or committed to eight affordable housing deals in the third quarter of 2024, totaling more than $59 million in financing across 798 affordable housing units. These deals underscore IMPACT's continued commitment to providing institutional investors opportunities to earn market-rate returns while expanding access to affordable housing in communities across the United States.
“Our mission at IMPACT is to support communities in need by financing the development of affordable housing. At the same time, we seek to identify opportunities for our investors to realize attractive risk-adjusted returns,” said Jeff Brenner, CEO of IMPACT Community Capital. “Through strategic financing solutions and our commitment to creating equitable opportunities for quality housing, we are proud to contribute to a future where we have more affordable homes.”
Notably, the new deals finalized in Q3 bring IMPACT’s year-to-date totals to 30 loans and commitments, representing approximately $222 million in affordable housing financing across 3,141 units. Among the highlights from the third quarter are two new housing developments: Valencia Garden in Orange, California, and Madison Grove in St. Cloud, Florida.
Valencia Garden is a new 62-unit development that includes 53 family units and eight supportive housing units for individuals experiencing homelessness. The property will receive more than $12.1 million in tax-exempt permanent mortgage financing from IMPACT, originated by Bank of America. Valencia Garden is designed with sustainability in mind, featuring solar panels to provide renewable power. Residents will also have access to a community room, computer room, exercise area, and barbecue facilities, providing a well-rounded living environment with diverse amenities.
Madison Grove is an 80-unit senior community that offers both one- and two-bedroom units affordable to tenants earning at or below 60% of the area median income (AMI). This new construction community is restricted to ages 55 and up and offers a comfortable residential setting with various amenities such as an activity room, fitness center, and multiple recreational areas. IMPACT provided $3.4 million in financing for Madison Grove, originated by Wells Fargo. The property is conveniently situated near essential services, including several hospitals and medical centers, enhancing healthcare accessibility and quality of life for residents.
About IMPACT Community Capital:
IMPACT Community Capital is a private debt and fixed-income investment manager. Founded by major insurance companies, IMPACT has a 26-year track record of impact investing, primarily in affordable housing. With $2.9B of investments originated to date, IMPACT’s innovations in the capital markets result in institutional-quality investments in scale, while also advancing opportunity in underinvested communities. For more information about IMPACT Community Capital, please visit impactcapital.net.