Impact Developers Fund

Providing Equity Capital and Sophisticated Business Advisory to Minority Developers Focusing on Affordable Housing, Fostering Community Growth


Through our subsidiary TruCapital Investment Fund, we raise capital from private and public entities to invest into minority developers across the country. Investments are made at the corporate/parent level to support balance sheet leverage and organizational growth. Historically, funds have been utilized to support the following capacity building needs:

  • Boost balance sheet equity to strengthen the investee’s financial position
  • Increase leverage capabilities to meet operational and asset requirements when competing for business including refinancing or paydown of debt
  • Buyout ownership of institutional partner(s) returning ownership to minority developer(s)
  • Provide long-term working capital to help build capacity and bolster organizational infrastructure (hiring key staff, building out management systems, etc.) supporting organizational growth
  • Finance pre-development and acquisition costs including zoning and legal review, environmental assessments, appraisals, design, tax credit applications, and other land acquisition activities
  • Support project-level leverage as needed for growth and developer expansion stages.


The Impact Developers Fund (IDF) is an initiative to provide equity capital, debt and technical support to minority and women-owned businesses who may lack adequate affordable capital and support from conventional sources. IDF resources will be used to: (a) acquire, develop, finance, operate, improve, preserve, sell and dispose of private and publicly financed affordable housing and community development investments. Each investment must meet the needs of low-moderate income communities or residents; and (b) enhance the capacity of minority- and women-owned businesses to advance affordable quality investments.

Morgan Stanley, TruFund Financial Services and Ford Foundation Announce Launch of $26 Million Impact Developers Fund