DC Impact Investment Funds Tenant Purchase
Affordable housing continues to attract impact investors, with Washington, D.C. among the latest places where a collaboration of foundations, government, CDFIs and even corporate giving funds banded together to lend the residents of a Chinatown apartment building the capital to buy and preserve their home. In this case the residents raised $77 million to purchase and upgrade the building with a new roof, new kitchens and bathrooms for each unit and making space for a resident healthcare provider too. Unlike the uncertainty of a new owner, in this case no one will be forced to move out.
Financing included a variety of vehicles including a revolving loan fund and locally funded community notes through Enterprise Community Loan Fund.