IMPACT Community Capital Highlights Record-Setting $210M Investment in Affordable Housing in 2024 Impact Report
The firm’s investments financed 2,843 units in 2023, resulting in new affordable housing for nearly 7,500 individuals across the US.
SAN FRANCISCO–(BUSINESS WIRE)–
Throughout 2023, IMPACT built on its 25-year history of leveraging institutional capital to foster equitable and thriving communities. Since its inception in 1998, the firm has financed more than 55,000 units of affordable housing through more than $1.6 billion in investment.
The report also situates IMPACT’s work in the context of the nationwide housing affordability crisis, which continues to intensify. Research from the Joint Center for Housing Studies of Harvard University finds that, as of 2022, half of all American renters were cost-burdened, meaning they spent 30% or more of their income on housing and utilities.
“The affordable housing crisis in the United States is growing, but IMPACT’s financing is making a meaningful difference,” said Michael Lohmeier, Chief Investment Officer of IMPACT. “The broad beneficial effects of affordable housing mean that our work provides far more than just shelter. Residents’ monthly rent savings allow them to pay for other essentials, like childcare and groceries, often while supporting their local economies.”
This year’s impact report emphasizes IMPACT’s commitment to underserved markets in alignment with the Federal Housing Finance Agency’s Duty to Serve Rule. The report spotlights IMPACT’s investments in all ‘Duty to Serve’ locations: areas of concentrated poverty, rural areas, high-opportunity areas, and Indigenous Tribal areas. IMPACT’s work in addressing the universal need for affordable housing underscores its commitment to fostering opportunity across the country.
Other key highlights from the 2024 Impact Report include:
- Record Investments in 2023: The firm’s $210 million in investments in 2023 financed 2,843 housing units across properties in 29 cities and 14 states. These units provided homes for nearly 7,500 people, cumulatively saving those residents more than $500,000 per month compared to market-rate rents.
- Meaningful Monthly Rent Savings: For affordable housing units IMPACT has financed since 2015, residents cumulatively save an estimated $3.4M in monthly rent compared to market-rate rents. Those savings allow residents to afford other essential needs, such as childcare, transportation, and groceries.
- Alignment with UN Sustainable Development Goals (SDGs): IMPACT aligns its efforts with five key SDGs: No Poverty, Good Health and Well-Being, Decent Work and Economic Growth, Reduced Inequalities, and Sustainable Cities and Communities. This alignment connects the firm’s work on affordable housing and community development in the U.S. to global efforts for peace and prosperity.
“Leveraging a 26-year history that demonstrates the powerful role of institutional capital in promoting affordable housing nationwide, IMPACT’s focus remains steady: Unlocking value for investors through purpose-driven investments that transform American communities,” said Jeff Brenner, President and CEO of IMPACT. “Our latest impact results demonstrate how much we have achieved at a time when our work feels particularly urgent.”
To view the full 2024 Impact Report, “IMPACT Across the Map: Meeting the Need for Affordable Housing,” download here.
ABOUT IMPACT COMMUNITY CAPITAL
IMPACT Community Capital is a leading 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.
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