Affiliated Development is renewing its commitment to workforce housing projects and social impact investing with the launch of the Affiliated Housing Impact Fund. The $125 million fund will provide equity capital for the development and investment of mixed-income workforce housing in Central and South Florida.

Launched this week, the fund already has requisite capital commitments and the initial close is scheduled in December. Fort Lauderdale Police and Firefighters' Pension Fund, West Palm Beach Police Pension Fund, Hollywood Police Pension Fund, Hollywood Firefighters' Pension Fund and Miramar Police Pension Fund have already committed capital. "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," said Nick Rojo, co-general partner and manager of the fund. In addition, Affiliated is seeking investment from family offices and individual investors.

Affiliated has laid out specific investment objectives for this fund. Primarily, the fund will focus on social and environmental impact investing by developing high-quality properties at attainable rents. These properties are in high demand in the Central and South Florida markets where 60% of renters are rent burdened, according to Jeff Burns, co-general partner and manager of the fund. In addition, inward migration to the market has exacerbated the demand for attainably priced housing.