Lincoln Avenue Capital, an investor in and developer of affordable housing, has signed an agreement to acquire the majority stake in a social purpose real estate investment fund, the Housing Partnership Equity Trust (HPET), which invests in affordable housing across the United States. The transition is expected to be complete by the end of this year, after which Lincoln Avenue Capital will serve as one of the largest private investors in affordable housing.
HPET was originally founded nine years ago by major Wall Street banks, prominent foundations and nonprofit housing organizations that came together to pioneer an innovative approach to affordable housing investment and preservation. Until now, HPET has been principally owned by some of the nation's largest and most respected not-for-profit developers and operators of affordable and workforce housing for low- and moderate-income individuals and families. In partnership with HPET nonprofits, Lincoln Avenue Capital plans to p
