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| 31 Jul 2024 | |
| Written by Rebecca Johnson | |
| Equity + Justice |
Almost all affordable housing must be subsidized in some way, therefore the arduous process of putting together the capital to develop affordable housing units is a time-consuming endeavor that leaves many households waiting for a better housing solution. News from Community Solutions this week, shared an innovative approach to leveraging private social impact investors to quicken and streamline that process for some households. Community Solutions announced it has secured $135 million to close out the CS Large Cities Housing Fund, a first-of-its-kind social impact private equity fund that provides crucial housing resources to individuals exiting homelessness and middle-income individuals.
“This Fund will fundamentally change how cities address homelessness and the affordable housing crisis,” said Dave Foster, President of BDP Impact Real Estate, a partner of Community Solutions that manages the Fund and its properties. “By leveraging private capital, this model will diversify how affordable housing is developed, which will be quicker and more efficient than traditional financing mechanisms.”
The Fund is complimented by a holistic approach to eradicating homelessness, which at first read felt a bit aspirational -- but the approach of the Built for Zero movement feels entirely attainable and transformative.
