SoLa Impact announced the launch of its $1 billion "Black Impact Fund" to invest exclusively in Black and Brown communities in major urban markets.
The fund will consist of a $500 million Opportunity Zone fund and a side-by-side, $500 million non-Opportunity Zone fund.
"After a decade of successfully investing in Los Angeles' African-American and Latinx communities, we have learned a great deal about how to deliver near-term and long-term dividends for both the investors and the community," Martin Muoto, CEO of SoLa Impact and founder of the Black Impact Fund, said in a statement. "Ultimately, it is about creating shared prosperity and racial equity. In light of all the country is going through, it is clear the size and scope of the problem requires a bold and ambitious response. The time to act is now."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
