Workforce Housing Turner Multifamily Impact Fund
Americans face a crisis in housing affordability, with high rental costs out of reach for millions. Nearly 1 in 2 renter households spend over 30% of their income on rent, and 1 in 4 spend more than 50% of their income on rent
And the disparity continues to grow. Low and middle-income earners such as teachers, nurses, social workers, police officers and firefighters face a particular challenge, often earning too much to qualify for government housing subsidies, but not enough to pay surging rents for quality housing options close to their jobs.
The Turner Multifamily Impact Fund acquires apartment communities in densely populated urban areas and enhances quality of life for tenants through targeted resident services. For example, on-site education centers offering free services for both youth and adults supported by resident teachers. An on-site health clinic staffed by a resident nurse. And a community watch program organized by a local police officer, improving safety.
Not only do these services improve life for residents, they lower operating costs by lowering turnover, reducing vacancies, and cutting insurance costs.
Since launching in 2015, the Turner Multifamily Impact Fund has acquired over 7,000 housing units in and around major metropolitan areas in Maryland, Illinois, Texas, Georgia and Nevada – with many more acquisitions planned. When fully invested, the fund will own nearly $1 billion in workforce housing located in diverse, densely populated areas located near employment centers and transit hubs.