TruFund Financial Services, Inc. Secures Additional $11.5 Million in Capital to Bolster Historically Under-Resourced Affordable Housing Developers

TruFund Financial Services, Inc. is proud to announce the expansion of the Impact Developers Fund (IDF). The additional $11.5 million includes commitments from three new investors, in addition to increased commitments from the Ford Foundation and Tru-Capital Investment Fund, the general partner of the fund. This results in a >40% increase in the fund's size to a total of $37.5 million.

The fund's mission is to empower real estate developers who have traditionally lacked access to capital and support from conventional sources, including BIPOC and women-owned developers. Since its launch in 2020 with $26 million in initial capital from Morgan Stanley and the Ford Foundation, IDF has demonstrated its unwavering commitment to supporting developers focused on creating high-quality, affordable housing throughout the United States. With the infusion of an additional $11.5 million in capital, IDF is poised to have an even greater impact on underserved communities and promote equitable access to real estate development opportunities.

The newly added investors to IDF include the Kresge Foundation and Carver Bancorp, Inc., both esteemed organizations recognized for their dedication to community development and social impact. This expansion of the investor pool speaks to the fund's growing reputation as a vehicle for transformative change.

Since its inception, IDF has been at the forefront of empowering real estate developers, having fully deployed its initial funds across five visionary investees dedicated to advancing affordable housing projects and are already seeing an impact on their businesses. Since IDF’s investments were made, these developers have secured over $130 million in additional operating or project financing. This funding has been instrumental in not only strengthening their financial standing but also in fueling their efforts to create sustainable, inclusive, and vibrant communities.

"The expansion of the Impact Developers Fund is a testament to the power of collaborative efforts in achieving meaningful change," said James H. Bason, President and CEO at TruFund Financial Services, Inc. "With the continued support of our valued partners, Morgan Stanley and the Ford Foundation, along with the inclusion of the Kresge Foundation and Carver Bancorp, Inc., we are now better equipped to drive positive social and economic outcomes through real estate development. This will empower even more visionary entrepreneurs and developers from underrepresented backgrounds to create lasting impact in their communities."