Housing

The Turner Multifamily
Impact Funds

The Turner Multifamily Impact Funds are focused on acquiring, preserving, and enriching critically-needed naturally occurring affordable housing for working individuals and families in urban communities throughout the country.

The Challenge

The Challenge The Opportunity The Impact

Americans face a large and growing crisis in housing affordability, with rental costs out of reach for millions. Nearly 1 in 2 renter households spend more than they can and should on rent, with 1 in 4 spending more than 50% of their income on rent. Low- to moderate-income earners, including community-serving professionals such as teachers, nurses, social workers, and first responders, who earn too much to qualify for housing subsidies, cannot afford the surging rents of newer or upgraded housing proximate to their jobs.

While demand continues to grow, new workforce housing is limited and shrinking due to the prohibitively high cost of construction and the renovation of existing, previously affordable, housing stock.

As a result, households are forced into longer commutes or making spending tradeoffs at the expense of other basic necessities that negatively impact their quality of life, their surrounding community, and the broader environment.

The Opportunity

The Challenge The Opportunity The Impact

The Turner Multifamily Impact Funds preserve and enrich workforce housing with resident-focused services and environmentally sustainable initiatives that improve residents’ quality of life, reduce negative environmental impact, and enhance property operations.

The Funds design and deliver needs-based enrichment services that generate targeted and measurable program outcomes. These programs include on-site academic support staffed by resident teachers, on-site health education staffed by resident health professionals, community watch programs organized by resident police officers, and other virtual and in-person forms of resident assistance. In addition, the Funds execute commercialized, effective, and efficient retrofit projects and maintenance policies that target resource consumption reductions of at least 10% to 15% and improve resident comfort.

These initiatives not only improve resident satisfaction, build community, and promote environmental sustainability, but they also lower operating costs such as turnover, vacancy, and utilities.

The Impact

The Challenge The Opportunity The Impact

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Since launching in 2015, the Turner Multifamily Impact Funds have acquired over 14,500 housing units in densely populated, ethnically-diverse communities near employment hubs throughout the country. When fully invested, the Funds will have preserved nearly $2 billion in naturally occurring affordable workforce housing that serve tens of thousands low- to moderate-income households. In so doing, the Funds will have provided residents meaningful, free Enrichment Program opportunities in education, health, safety, community building, and sustainability.