Manulife Investment Management, a company of Manulife Wealth & Asset Management and TruAmerica Multifamily, a national, vertically integrated multifamily investment firm, announced the formation of a $1 billion affordable housing joint venture. The programmatic partnership represents a significant expansion of both firms’ affordable housing platforms, anchored by the acquisition of general partner (GP) interests in a geographically diverse portfolio of high-quality, income-restricted assets backed by low-income housing tax credits.
With a fundamental and chronic undersupply of housing across the U.S. — compounded by rising construction costs, elevated interest rates and widening rent burdens — demand for affordable housing now far outpaces available inventory. The joint venture responds to this structural challenge by preserving access to income-restricted housing and with the size, scale and the experience of both firms’ help to solve a fundamental shortage of af
