Turner Impact Capital has closed its second affordable workforce housing fund, Turner Multifamily Impact Fund II (TMIF II), with more than $350 million in capital commitments.
TMIF II builds on the impact of the firm’s first housing fund, Turner Multifamily Impact Fund I, which invested nearly $700 million to acquire 7,840 workforce housing units occupied by more than 14,000 residents.
Turner Multifamily Impact Fund II is expected to unlock some $1.25 billion in new housing investments and will enable the firm to acquire and manage up to 10,000 additional housing units. Turner will keep these units at rent levels that are affordable to residents earning less than the area median income.
Turner also offers residents a range of enrichment services tailored to each community, including after-school homework help, employment assistance, community health services and neighborhood watch programs.
“While at the end of the day we know this health crisis will
