Affiliated Development, a real estate development, investment and asset management firm, has announced the launch of an impact investment fund to invest in multifamily mixed-income workforce housing throughout South and Central Florida. Affiliated Housing Impact Fund, LP (or the “Fund”) will provide equity capital to finance Affiliated Development’s pipeline of workforce housing projects and investments. Affiliated Development’s principals, Jeff Burns and Nick Rojo, will be the sole general partners and managers of the Fund.

The Fund’s overall investment objective is to generate a positive social and environmental impact, while delivering attractive risk-adjusted returns for its investors. The Fund’s investment strategy is to capitalize the development of high-quality multifamily housing, offering a superior living experience at attainable rents. Each project will be constructed to meet the stringent requirements for green building certification standards.

“Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. Most South Florida residents are forced to either allocate too much income toward rent, live with one or more roommates, or move away from major employment centers in order to find reasonably priced housing.” Burns said. “The tremendous demand for attainably priced housing in South Florida has been compounded by the influx of new residents and businesses migrating to the area. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue.”

Affiliated Development specializes in public-private-partnerships, which typically result in the utilization of government financing incentives necessary to make these types of projects work. The company has a track record of completing workforce housing projects in various South Florida cities.

The Fund has the requisite capital commitments for an initial closing which is scheduled for December. Current committed investors include the Fort Lauderdale Police and Firefighters’ Pension Fund, West Palm Beach Police Pension Fund, Hollywood Police Pension Fund, Hollywood Firefighters’ Pension Fund, Miramar Police Pension Fund and a locally based family office.

“We are thrilled to be partnering with local public pension plans. We see an inherent alignment of interest with our pension partners who can reinvest capital back into the community while providing housing for their contributors and the local workforce. We are also attracting interest from family offices and individuals seeking a double bottom line outcome with both financial and social returns.” Said Rojo. “Having discretionary capital also provides us the flexibility to move quickly and take advantage of opportunities while focusing on what we do best, which is executing.”