Truist pledges $15M in its second investment for affordable housing in Charlotte

Truist Financial Corp. is making its second lead investment into Charlotte’s Housing Impact Fund.

The Charlotte-based financial institution, alongside Truist Community Capital, announced Thursday its $15 million investment into the fund’s $67 million second round. Keitt King, head of Truist Community Capital, said after the success of the first fund, Truist knew it wanted to participate again.

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The goal of Housing Impact Fund II is to preserve 1,200 units of naturally occurring affordable housing throughout Mecklenburg County over the next two years. The fund, established in 2020 by Nelson Schwab and Erskine Bowles, was created to preserve apartment communities affordable for low- to moderate-income households, particularly ones under threat of being demolished or converted into more expensive housing.

“When we see something is working well, we want to do more of that,” King said. “The need here in Charlotte is around 30,000 to 40,000 (affordable units). You can’t get out of a hole until you stop digging, and that preservation piece is the “stop digging.”

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