Wall Street Journal Features Turner Impact Capital Housing Fund

The Wall Street Journal is spotlighting Turner Multifamily Impact Fund II, Turner Impact Capital’s second affordable workforce housing fund with investment potential of $1.25 billion to preserve housing for middle-income families across the United States.

Investor Bill Ackman and NBA’s Chris Paul Back Housing Fund

An impact investment firm has won the backing of NBA All-Star Chris Paul and activist hedge-fund investor Bill Ackman, whose family foundations are investing in funds targeting America’s affordable housing shortage.

Turner Impact Capital has raised $357 million for its second fund focused on providing affordable housing to people who earn too much to qualify for subsidized housing but not enough to afford homes in the areas where they live and work.

The new vehicle, Turner Multifamily Impact Fund II, aims to invest in ethnically diverse, underserved communities to serve residents making 60% to 100% of the local median income.

“Today there are 43 million renter households, of which one out of two families is rent-burdened and one out of four is severely rent-burdened, spending upwards of 60% of their monthly income on their housing,” said Bobby Turner, the firm’s chief executive who launched Turner Impact Capital in 2014 after years with Canyon Capital Realty Advisors. “That’s at the expense of things like food security and, most importantly, at the expense of hope.”

Read the full article at https://www.wsj.com/articles/investor-bill-ackman-and-nbas-chris-paul-back-housing-fund-11607383231

Originally published at https://www.wsj.com on December 7, 2020.