CHARLOTTE, NC – Housing Impact Fund (HIF), an innovative investment fund aimed at preserving and providing quality affordable housing in the increasingly expensive Charlotte rental market, announced more than $100 million of private sector capital raised to buy, renovate and protect 1,500 apartment units serving some 5,000 low- and moderate-income residents through its third and largest fund to date.
The announcement follows HIF’s success in acquiring, since 2020, nearly 2,000 apartments that are near jobs, transportation, essential services and excellent schools. Upon acquisition, all apartment communities are renovated so that they are not only affordable but also a quality place to live and raise a family.
All apartments are protected with restrictions, so they remain affordable for low- and moderate-income families for not less than 20 years. These restrictions commit that 30% of apartments at each community are made available to households earning less than 30% of the area median income (AMI), 50% of apartments are made available to households earning less than 60% AMI, and 20% of apartments are made available to households earning less than 80% AMI.
HIF makes a larger proportion of its properties affordable to households at the lowest income levels, those earning less than 30% or 60% of AMI, than nearly all other local housing efforts. Moreover, the 11 apartment communities that HIF has bought since 2020 used less than half of the average funding provided by local government to support housing efforts in recent years.
The new fund marks the third such landmark for Housing Impact Fund, which raised $58 million in social impact equity in 2020 and $67 million in 2023. This equity capital represents approximately 30% of the total funding for each apartment community – along with low-interest loans from local government and philanthropy, and below-market mortgage financing from the likes of Freddie Mac and Fannie Mae. Combined, HIF’s $225 million in equity raised represents $750 million in purchasing power to buy NOAH properties serving some 10,000 residents in the Charlotte area, making it the largest and most successful affordable housing initiative in the region.
HIF invests in what’s called Naturally Occurring Affordable Housing, or NOAH – existing apartment communities that would otherwise be demolished or renovated and replaced with expensive high-end units that displace moderate-income occupants. That gentrification has the added effect of moving people away from vital services like jobs, education and transportation, which only widens the city’s opportunity gap. Instead, Housing Impact Fund places a 20-year property deed restriction that ensures affordable rents, determined by occupants’ household income, that average approximately 40% less than prevailing market rates and offer rents as low as $300/month for households earning less than 30% AMI.
“The completion of our third round of fundraising is testimony that Housing Impact Fund’s unique model is benefiting everyone involved, including residents, investors and the broader Charlotte community,” said Erskine Bowles, the former White House chief of staff and investment banker who co-founded the fund with his Carousel Capital co-founder, Nelson Schwab. “By keeping these properties from being redeveloped into housing that prices many people out of the market, we’re providing opportunities for economic and social advancement while maintaining the city’s diverse and vibrant core.”
As Charlotte’s population continues to grow, demand for affordable housing has dramatically outpaced supply. As a result, average monthly rents have risen 35% over a five-year period to over $1,470 for a one-bedroom apartment and $1,765 for a two-bedroom unit. Studies show that more than 108,500 households in Mecklenburg County spend more than 30% of their income on housing, an vital benchmark for housing affordability. The problem is especially acute among households earning 30% AMI or below, who may pay 75% or more of their income toward monthly rent.
HIF’s innovative approach includes a creative partnership with Mecklenburg County and the City of Charlotte that allows 100% of property taxes for the fund’s communities to be reinvested in the form of rental subsidies for qualifying 30% AMI and below households, half of whom were previously staying in local shelters. To date 560 apartments have been set aside for these residents, who pay an average of $336 in rent from an average monthly household income of $1,157.
“The vision of our Fund III investors and the continued commitment of our civic and community partners will allow us to provide even more access and opportunity to people who are often left behind by the growth and prosperity Charlotte is enjoying,” said Schwab. “In addition, by investing $26 million to renovate our 11 properties, more than 90% of which was contracted with minority-led companies, we’re providing affordable, high-quality places to live and raise a family.”
Another key element of Housing Impact Fund’s approach is the comprehensive way it looks to build resilient communities. The fund joins with dozens of foundations, non-profits and other partners to provide free, on-site support services for residents in such areas as financial and workforce development, education, health and nutrition. Atrium Health embeds Community Impact Workers in each community to not only build connections among residents, but also link them to valuable resources and on-site programming in such areas as financial literacy, workforce development, education, health and wellness.
“Housing Impact Fund has been a powerful vehicle for social-impact investors to make headway in solving one of Charlotte’s greatest challenges – safe, affordable, quality housing that allows everyone to participate in the region’s economic success,” said Mark Ethridge, managing principal of Ascent Housing, which co-founded Housing Impact Fund and serves as its operating partner, responsible for leading the acquisition, financing, closing, renovation, and operation of its properties. “We’re grateful for the support of Truist Bank, Atrium Health and more than 50 other organizations and individuals who are helping us provide stability and upward mobility for thousands of Charlotteans.”
Joining Schwab and Bowles in overseeing the fund are three new fund managers: Ed Weisiger, chair of Weisiger Group and co-founder of Beacon Partners; Dr. Betsy Fleming, former president of Converse College and founder of Cressence executive coaching; and Jamie McLawhorn, president of Marsh Properties. Fund managers serve on a pro bono basis, reducing operating costs to maximize impact.
Key contributors to Housing Impact Fund III include: Truist Bank, PNC Bank, First Horizon Bank, Bank of America, Atrium Health, First Citizens Bank, Regions Bank, Honeywell, Leon Levine Foundation, Huntington National Bank and The Duke Endowment.

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BRONX, NY – Community Access, a non-profit organization that expands opportunities for people living with mental health concerns to recover from trauma and discrimination through affordable housing, training, advocacy, and healing-focused services, joined co-developer Mega Group and state and local officials to celebrate the groundbreaking of 521 East Tremont Avenue. This new $162 million development in the East Tremont/Crotona neighborhood of the Bronx is co-developed by Mega Group, Community Healthcare Network, and Community Access.
The 213-unit development will provide a mix of affordable and supportive housing for income-eligible individuals and families, and individuals living with mental health concerns who have experienced homelessness. Ground-floor retail will also contribute to neighborhood vitality.
As part of the development, Community Healthcare Network’s Tremont Health Center will triple in size with 12 exam rooms and three dental suites in new, state-of-the-art medical space. CHN is a not-for-profit network of 14 federally qualified health centers offering affordable, integrated primary care in underserved communities in Manhattan, Queens, Brooklyn, and the Bronx. CHN, which turns no patient away, is maintaining Tremont health care services during construction at 1880 Bathgate Avenue.
Residents will have access to comprehensive, on-site support services, including counseling, group programming, crisis intervention, and connections to community-based health and mental health care. Additional services will support education, employment, and long-term well-being—reflecting Community Access’ holistic, person-centered approach.
The building is designed to foster community, wellness, and opportunity, and will include a range of amenities, including a community room, fitness center, computer and library space, laundry facilities, and bike storage.
“Community Access is proud to celebrate the groundbreaking of 521 East Tremont Avenue. We’re excited to work with our co-developers, Mega Group and Community Healthcare Network to bring 213 new affordable and supported homes to this neighborhood,” said Cal Hedigan, CEO of Community Access. “We are particularly excited to have a state-of-the- art health center as part of the development – this will be a boon to residents and to the neighborhood in general. At Community Access, we believe housing is a human right. Access to a stable, affordable home makes the conditions for people to pursue their goals, strengthen community connections, and go forward with dignity. This development represents an vital step toward a more just and inclusive New York City.”
“We are grateful for our partners at HPD, Richman Housing Capital, TD Bank and KeyBank for making this vision a reality. Our team worked closely with the Community Board, Borough President and Council Member Feliz on this project, and we are keen to welcome residents into their new homes and bring back CHN larger and better than ever,” said Emanuel Kokinakis, Principal, Mega Group Development.
“Stable housing is the foundation of health. At 521 East Tremont Avenue, we’re enabling hundreds of individuals and families to finally live in safe, affordable homes of their own. By pairing new housing with mental health services, we can provide care and stability to residents who have struggled for too long. This project is a model of delivering healthcare alongside housing, and we’re committed to bringing this model to more neighborhoods across our city,” said Patrick Like, Deputy Commissioner of Development, Housing Preservation and Development.
“The groundbreaking at 521 East Tremont Avenue marks an vital step toward providing access to safe, stable housing and the support services every Bronx resident deserves,” said Bronx Borough President Vanessa L. Gibson. “Bringing together affordable and supportive housing with expanded healthcare services reflects the kind of holistic, community-centered investment our borough needs. Thank you to Community Access, Mega Group, Community Healthcare Network, and our city and state partners for continuing to invest in the Bronx and the well-being of our residents.”
“I was proud to join Community Access, Mega Group, and Community Healthcare Network to break ground on a $162 million development right here in the Bronx. This project will make 213 units of affordable and supportive housing while expanding access to critical healthcare services. It’s a powerful example of what we can achieve when we come together to invest in our communities and ensure every family has the opportunity to live with dignity,” said Assembly Member Yudelka Tapia.
“In the midst of the current housing crisis, I am beyond proud of the work that has been done to bring more affordable housing units to our community. Our families deserve access to stability and a place to thrive, and this groundbreaking represents the continuous investments made to make that a reality. I look forward to continuing to work in the development of this project, which will also bring a Healthcare facility and community space, for the people of the Bronx, and most importantly, for the residents of East Tremont,” said Council Member Oswald Feliz.
“Today marks more than the start of construction: we are advancing a vision grounded in dignity, hope, and renewed opportunity for our families in fantastic need of access to affordable housing. With the creation of 213 units of affordable and supportive housing, alongside the expansion of essential on-site health services, we send the clear message that housing is a human right, not a privilege. I was proud to award Community Healthcare Network with $500,000 for this project, which reaffirms my commitment to healthcare and affordable housing. This project shows what is possible when we center people, strengthen partnerships, and work toward a Bronx that is more just, more inclusive, and more sustainable for generations to come,” said Senator Luis R. Sepúlveda.

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PLANTATION, FL – MAXX Properties, a privately held, a vertically-integrated multifamily owner, operator and investment manager, announced the acquisition of The Ellery, a 250-unit, Class A multifamily community located in Plantation, a highly desirable submarket in South Florida. The transaction was sourced directly through an off-market arrangement with the seller.
Originally built in 2018, the community – formerly known as Bell at Plantation – has been rebranded as The Ellery, reflecting MAXX’s long-term vision for the property and its connection to the local community. The name pays homage to Ellsworth D. Gage, the first mayor of Plantation, grounding the asset in the city’s history while positioning it for future growth.
“This acquisition reflects our continued focus on high-quality communities in strong submarkets where we can make long-term value through hands-on ownership and operational expertise,” said Adam Fruitbine, Chief Investment Officer of MAXX Properties. “We’re excited to build on The Ellery’s strong foundation while enhancing the residential experience.”
The Ellery offers luxury one-, two-, and three-bedroom residences across eight lakeside buildings, blending modern design and resort-style living. Homes feature stylish interiors, open-concept layouts, and private balconies, along with a full suite of community amenities including a pool with private cabanas, yoga and boxing studios, a private movie theater, and scenic waterfront walkways. Set in the heart of Plantation, the community offers a tranquil lifestyle with convenient access to employment, dining and premier shopping destinations, including Sawgrass Mills.
As part of its strategy, MAXX Properties plans to implement a series of capital improvements designed to enhance the resident experience. Plotted upgrades include enhancements to curb appeal, refreshed amenity spaces, selective interior unit renovations, and the integration of new technology offerings.
The acquisition brings MAXX Properties’ portfolio to 35 communities and approximately 9,400 units across seven states, further strengthening its footprint in the South Florida region.

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