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."
“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.”
Through the dedication of all its stakeholders, the Impact
Developers Fund is paving the way for increased equity and
inclusion in real estate development. The fund's work not only
addresses immediate housing needs but also ensures that the
benefits of development extend to those who need it most. As we
continue to expand our reach and deepen our impact, TruFund
Financial Services, Inc. and its partners remain steadfast in their
commitment to creating a more equitable and inclusive future for
all.
About TruFund Financial Services
TruFund Financial Services, Inc. is a wholly independent
national non-profit Community Development Financial Institution
(CDFI). TruFund seeks to stimulate economic development in
communities that are underserved by traditional banking
institutions by providing fair and accessible capital, hands-on
technical assistance and innovative solutions to small businesses
and nonprofit organization.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com/.
About the Ford Foundation
The Ford Foundation is an independent organization working to
address inequality and build a future grounded in justice. For more
than 85 years, it has supported visionaries on the frontlines of
social change worldwide, guided by its mission to strengthen
democratic values, reduce poverty and injustice, promote
international cooperation, and advance human achievement. Today,
with an endowment of $16 billion, the foundation has headquarters
in New York and 10 regional offices across Africa, Asia, Latin
America, and the Middle East.
About the Kresge Foundation
The Kresge Foundation was founded in 1924 to promote human
progress. Today, Kresge fulfills that mission by building and
strengthening pathways to opportunity for low-income people in
America’s cities, seeking to dismantle structural and systemic
barriers to equality and justice. Using a full array of grant,
loan, and other investment tools, Kresge invests more than $160
million annually to foster economic and social change. For more
information visit Kresge.org.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for
Carver Federal Savings Bank, a federally chartered stock savings
bank. Headquartered in Harlem, NY, Carver was founded in 1948 to
serve African-American and Caribbean-American communities in New
York whose residents, businesses, and institutions had limited
access to mainstream financial services. The U.S. Treasury
Department has designated Carver as a Community Development
Financial Institution (“CDFI”) because of its community-focused
banking services and dedication to its local community’s economic
viability and revitalization. Carver is one of the largest African-
and Caribbean-American managed banks in the United States. The Bank
recently expanded its online presence to include consumer checking
and savings accounts across nine states, from Massachusetts to
Virginia, and Washington, DC. For further information, please visit
the Company’s website at www.carverbank.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230929398093/en/
TruFund Media Relations | Kim Carter Evans | 646.385.6946 |
kevans@trufund.org Morgan Stanley Media Relations |
mediainquiries@morganstanley.com Ford Foundation Media Relations |
pressline@fordfoundation.org Carver Bank Media Relations |
mediainquiries@carverbank.com Kresge Foundation Media Relations |
KAJahnke@kresge.org
Carver Bancorp (NASDAQ:CARV)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Carver Bancorp (NASDAQ:CARV)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024