Investment through CPC-TruFund BIPOC Developers Equity Fund, will enable Infinite Horizons to accelerate growth and scale its business
New York, New York – The Community Preservation Corporation (CPC), a nonprofit multifamily finance company, and TruFund Financial Services (TruFund), a nonprofit that provides affordable loan capital to small businesses and nonprofits, today announced that it has made an equity investment in Infinite Horizons Real Estate Development Company, which specializes in the development and management of affordable housing. The preferred equity investment will support critical aspects of Infinite Horizon’s strategic growth plan, specifically allowing the firm to leverage increased liquidity, fund affordable housing project development, and grow internal capacity.
The Infinite Horizons REDC investment is the first investment by the fund. Launched in October of 2021 by CPC through its ACCESS Initiative and TruFund, the $6 million fund is aimed at helping Black, Indigenous and People of Color (BIPOC) within the housing and community development space grow their businesses. The fund provides equity capital and technical support to eligible BIPOC housing developers who may lack access to affordable capital and support from conventional sources. The fund also facilitates affordable capital to support New York State-based emerging BIPOC developers with the goal of building their capacity and growing their business infrastructure.
“Receiving this equity investment from CPC-TruFund BIPOC Developers Equity Fund came at a critical stage in our company’s growth trajectory, especially as we take on more projects and expand organizations’ capacity in the development of affordable housing. This investment allows us to address current and future needs in our project pipeline and strengthen our organizational capacity. This is a significant accomplishment for Infinite Horizons to receive this investment from CPC-TruFund as BIPOC Developers and we would like to thank the whole team at CPC-TruFund for believing in us from the beginning! We look forward to future opportunities with their continued support and partnership!” said Roland and Randall Powell, Owners of Infinite Horizons, LLC.
“Infinite Horizons REDC has a proven track record of preserving and creating affordable housing. Their development activities have improved the quality of housing while also strengthening and diversifying many of our neighborhoods,” said James H. Bason, President and CEO of TruFund Financial Services, Inc., the fund manager. “We are so excited for the opportunity to make this investment. It will provide the capital it needs to accelerate the growth of its businesses.”
"We’re proud that our partnership with TruFund has helped provide Infinite Horizons REDC with the resources they need to scale their business so that they have an opportunity to compete, grow and thrive,” said Lawrence Hammond, Senior Vice President, Director of ACCESS, The Community Preservation Corporation. “When we help level the playing field for BIPOC developers and entrepreneurs, we all benefit from a more robust and equitable development industry."
The CPC-TruFund BIPOC Developers Equity will continue to identify investees. It is anticipated that future rounds will expand to service more BIPOC developers across New York. For more information about the CPC-TruFund BIPOC Developers Equity Fund please contact James H. Bason, [email protected], or [email protected]
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About The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 3,400 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About TruFund Financial Services
TruFund Financial Services, Inc. is a wholly independent national nonprofit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance, and innovative solutions to small businesses and nonprofit organization. Follow TruFund on Facebook, LinkedIn, and Twitter to find out more about the company's programs and initiatives or visit www.trufund.org.
About Infinite Horizons REDC
Infinite Horizons, LLC mission is to transform vacant and underutilized properties back into community assets with the goal of preserving, stabilizing, and increasing the affordable housing stock for all New Yorkers in need of quality housing options. Infinite Horizons, LLC is a comprehensive real estate firm that services include real estate development, property management and construction. Visit Infinite Horizons LLC (infinitehorizonsredc.com).