Turner Impact Capital an investment firm dedicated to social impact investing, has joined forces with Eva Longoria to acquire, enrich and preserve critically needed workforce housing for families who earn less than 80 percent of the area median income and live in densely populated, ethnically diverse urban communities throughout the U.S.
“Her ambition and dedication to providing and fostering opportunities for minority communities coupled with her unique insight and personal story fit seamlessly with our social impact strategies and make her a perfect partner for our mission.”
The famed actress, businesswoman and philanthropist has become a partner in and an ambassador for the firm’s Turner Multifamily Impact Fund, which is well-positioned to acquire and manage up to one billion dollars in apartment communities in urban markets throughout the U.S. Since its launch in 2015, the fund has purchased nearly 2,500 units in Maryland, Florida, Texas and Nevada, with many more acquisitions planned. In these roles, Longoria will help raise awareness about the critical shortage of workforce hous-ing and highlight the potential for innovative, market-driven solutions to tackle some of the most daunting challenges that the U.S. faces as a county.
The demand for quality, affordble workforce rental housing in the most populated areas of the country is expanding due in part to the prohibitively high cost of land and construction. As a result, rents are reaching historic highs. Nearly half of all renters spend more than 30 percent of their income on rent, and one quarter of all renters spend more than 50 percent of their income on rent. The growing disparity in workers’ income and their rent is untenable.
“While best known as an actress and producer, Eva Longoria’s most important roles are those of a devoted philanthropist, entrepreneur and advocate for women and Latino community issues,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “Her ambition and dedication to providing and fostering opportunities for minority communities, coupled with her unique insight and personal story, fit seamlessly with our social impact strategies and make her a perfect partner for our mission.”
Longoria is a longstanding supporter of a variety of philanthropic causes and created the Eva Longoria Foundation to help Latinas build better futures for themselves and their families through education and entrepreneurship. Longoria is also an accomplished business-woman. Her production company, UnbeliEVAble Entertainment, has produced hit shows for several television networks, and she has served as spokesperson for a variety of top businesses, including L’Oréal Paris.
“Communities, the environment, worker productivity and household well-being all suffer when affordable housing is not in close proximity to jobs. In addition, the fact that one in four renter households spend over 50 percent of their income on rent is not sustainable,” Longoria said. “I am thrilled to partner with the Turner Impact Capital team to highlight the great promise of urban investment in underserved communities, an issue close to my heart. Turner is pioneering a financially sustainable and scalable approach to building a stronger future and a more prosperous, inclusive country.”
The Turner Multifamily Impact Fund seeks to address the housing affordability crisis by preserving the workforce-housing status of the properties it acquires and by implementing an innovative and novel business model that drives both shareholder and stakeholder value.
“Turner Impact Capital’s investment strategies directly benefit a broad cross-section of urban residents, including Latinos, the youngest and one of the fastest-growing demographic groups in the United States,” Longoria said. “Despite their potential, Latinos disproportionately lack housing opportunities and face overwhelming economic challenges. The work of Turner Impact Capital supports the most effective interventions in breaking the cycle of poverty: promoting excellence in our schools and bringing new investment to our cities.”
Bobby Turner said he believes Longoria’s role as an investor and ambassador will enable the firm and its partners to touch even more lives in America’s most economically challenged cities while demonstrating the effectiveness of market-driven solutions.