EXCLUSIVE — Fairfield anticipates first closing of new affordable housing fund

Fairfield is planning to hold a first closing for its open-ended Fairfield Affordable Housing Preservation Fund this month. The fund launched at the beginning of 2022 and will invest primarily in rent- and income-regulated affordable housing throughout the United States.

Fairfield said the fund will target an underserved segment of the U.S. rental housing market: rent- and income-regulated affordable housing for low-income residents and families, typically with incomes of 30 percent to 80 percent of area median income. According to Paul Kudirka, senior vice president of affordable housing, the majority of the properties in the fund will operate under rental agreements that cap rents at 30 percent of these income levels.

Affordable housing is a segment of the multifamily housing sector that has proven to be more stable and offer more consistent performance in times of market volatility. Rent and income regulated affordable housing properties tend to have low turnover, h