TruFund Financial Services, Inc. Secures Additional $11.5 Million in Capital to Bolster Historically Under-Resourced Affordable Housing Developers - Seite 2

“As an anchor investor in the Impact Developers Fund, Morgan Stanley looks forward to continuing involvement with TruFund in supporting a thriving affordable housing development sector," said Joan Tally, Managing Director in Community Development Finance at Morgan Stanley. “These investments will not only strengthen and support impactful companies but will also have a long-term positive affect on the residents of the apartments developed by the companies.”

"Historically disadvantaged and underserved businesses, whether they are based in racially diverse and dynamic urban American or the beautiful rolling hills of rural white Appalachia, need equity capital. The CDFI industry was an innovative government creation to serve those businesses, but too few CDFIs have equity products. I applaud Morgan Stanley leaders James Gorman and Mike Mantle for seeing the need and addressing it," said Ford Foundation Head of Mission Investments Roy Swan. "There are few more worthy investments than putting safe and affordable roofs over the heads of moms, dads, and children wherever they live in America. The return on investment is not just financial; safe and secure families are also more productive and engaged members of society."

“Kresge’s flexible equity capital will enhance the capacity of historically under-resourced developers, including BIPOC- and women-led and minority-led developers’ capacity to effectively grow their housing real estate portfolios,” said Tosha Tabron, Social Investment Officer at The Kresge Foundation. “IDF’s intermediary investment approach is critical to supporting emerging developers, who with the right capital, can scale their work in communities and be competitive in the market alongside established traditional and affordable housing developers.”

“Carver’s investment in the Impact Developers Fund is a natural extension of our 75-year track record of driving change and supporting economic empowerment among traditionally underserved communities, including communities of color,” said Michael T. Pugh, President and Chief Executive Officer of Carver. “We are proud to support the Impact Developers Fund and its diverse group of real estate developers, which are making dreams a reality for many low-income individuals and families.”