Nuveen secures investment from TIAA for U.S. impact housing fund dedicated to affordable housing

Nuveen, the $1.1 trillion asset manager of TIAA, has secured a $250 million commitment from the TIAA General Account to seed the Nuveen Real Estate U.S. Impact Housing Fund.

The core-plus, open-end fund is focused on generating strong risk-adjusted returns and creating housing opportunities for low-income residents across the United States, primarily by investing in a geographically diverse portfolio of properties, including housing with rent subsidies, rent restrictions, income restrictions and Naturally Occurring Affordable Housing (NOAH) assets. The fund also intends to invest in regenerative development and financing that supports minority and women developers of affordable housing.

Affordable housing is a compelling portfolio allocation, offering consistent income streams though different market cycles, strong demand and limited supply, due to guaranteed subsidized rent payments for a large portion of res