Mission Driven Finance announced Monday that investors have contributed more than $1 million to an investment fund that will bankroll housing development throughout San Diego County.
The investment firm’s Homebuilding Investment Fund will fund the San Diego Habitat for Humanity’s housing construction efforts in El Cajon, National City, Encinitas and San Diego’s Logan Heights neighborhood.
Mission Driven Finance launched the fund last year and expects to aggregate roughly $2 million by the time the fund closes to investments next month.
Habitat for Humanity will be able to use the fund similar to a line of credit, according to the firm. The funding will allow the organization to bid for parcels of land, develop housing and offer units to families earning less than the county’s area median income through 30-year mortgages.
“When we launched the Homebuilding Investment Fund, we knew this would be an exciting way to engage the local community to advance affordable homeownership for families,” said Heather Marie Burke, Mission Driven Finance’s director of investor relations. “Investors jumped at this opportunity to support their neighbors through investments.”
The fund’s investors include direct private contributors, local foundations and donor-advised fund holders at the San Diego Foundation and the Jewish Community Foundation of San Diego, according to Mission Driven Finance.
Said Lori Holt Pfeiler, president and CEO of San Diego Habitat for Humanity: “For over 30 years we’ve been building and selling homes to help families thrive. Working with Mission Driven Finance was the first time someone reimagined a financial structure to make sweeping local impact with us.”
— City News Service
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