Paul joined as an investor and ambassador of the firm as it closed the Turner Multifamily Impact Fund – a fund estimated to accrue $1 billion in housing acquisitions throughout the country. Washington DC, Dallas, Austin, San Antonio, Miami and Las Vegas are some of the urban markets included in the fund.
The fund is dedicated to help ameliorate the shortage of affordable housing for millions of working-class families across the nation. Turner Impact Capital listed the imbalance of supply and demand of affordable housing, redevelopment of apartment communities into more luxurious communities and the high cost of land and construction as contributing factors to the shortage of affordable workforce housing.
“The fund’s ability to invest in apartment communities and keep rents stable makes a huge difference for working families,” Paul said. “We not only help families by stabilizing rents, but we also enrich the communities with important services like neighborhood watch, healthcare screenings, employment assistance and after-school tutoring that bring great value to children and parents.”
According to TIC, almost half of all renters in the nation spend more than 30% of their income on rent, while a quarter spend more than 50% of their income on rent.
“The growing disparity between workers’ income and their rent is untenable, and comes at the expense of healthcare security, food security and retirement security,” said Turner Impact Capital CEO Bobby Turner. “Our housing fund addresses these daunting challenges by preserving the workforce housing status of the properties it acquires and implementing targeted physical upgrades and property-management improvements that enhance day-to-day operations and the quality of life for their residents.”
Turner added that workforce housing is an overlooked real estate market – and an often unseen investment opportunity.
Other investors of the fund include Citi Community Capital, the University of Michigan endowment, the Texas Permanent Land Fund and the Rockefeller Brothers Fund.
“I am enthusiastic to team up with Bobby and the team at Turner Impact Capital to help tackle this housing affordability challenge on behalf of hard-working families living in communities throughout America, including the one where I grew up in North Carolina,” Paul said.
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LA Clipper Chris Paul has joined real estate investment firm Turner Impact Capital to advocate affordable housing for working-class families, according to a news release.