LOS ANGELES, Jan. 19, 2022 /PRNewswire/ -- SoLa Impact, a
leading minority-led housing developer, today announced a
$25 million investment from PayPal
for its fourth fund, the Black Impact Fund. The investment
further scales SoLa's production of high-quality affordable housing
in California's major urban
markets. PayPal's investment in SoLa's Black Impact Fund is part
of PayPal's $535 million commitment to advance racial economic
equity and support Black and underserved communities.
"PayPal is uniquely positioned to create economic opportunity
for underinvested communities. This investment will contribute to
progress in closing the racial wealth gap and providing access to
affordable housing in Black and brown neighborhoods," said Martin
Muoto, Chief Executive Officer, SoLa Impact. "We are excited to add
PayPal to our cohort of leading corporate investors with a strong
commitment to driving long-term transformative change and
addressing economic inequality in historically underserved
communities."
SoLa Impact's model has been disrupting the affordable housing
sector by leveraging private capital, instead of government funds,
to meet the extremely high demand for high-quality affordable
housing in California's urban
markets. With more than a decade of demonstrated results in several
of Los Angeles's lowest-income
neighborhoods, SoLa Impact has taken a unique approach to social
impact—combining access to affordable housing with access to
education, capital, and ownership to uplift Black and Latinx
communities.
"Our investment in SoLa Impact's Black Impact Fund is part of
our ongoing focus on sustained engagement and progress in areas of
economic equality and social justice," said Aaron Anderson,
Senior Vice President and Treasurer, PayPal. "Affordable housing is
key to building financial health and we are committed to doing our
part to break the cycle of inequality by partnering with SoLa
Impact, an organization that is creating high-quality affordable
housing, while creating economic opportunities in historically
overlooked communities."
The Black Impact Fund, SoLa Impact's fourth fund, is already
deploying capital in Southern
California as the state faces a desperate need to confront
its homelessness epidemic. With an existing portfolio of over 1,500
housing units, SoLa Impact is currently in development on an
additional 1,500 affordable housing units and plans to add another
4,000 units in California over the
next two years making SoLa Impact one of the nation's largest
Black-led developers and operators.
Beyond housing, SoLa Impact's extensive social programs provide
practical solutions to addressing racial inequality by equipping
tenants with vocational training, financial counseling,
scholarships, and pathways to homeownership and self-sufficiency.
SoLa recently opened the doors of its Technology &
Entrepreneurship Center and announced a partnership with Riot Games
to provide students with free education and training to inspire the
next generation of Black and brown tech leaders and
entrepreneurs.
About SoLa Impact
SoLa Impact is a family of
real estate funds with a double bottom line strategy focused on
preserving, rehabbing, and building high-quality affordable housing
in Black and brown communities. SoLa's proven track record
leverages data-driven social impact strategies to deliver strong
financial returns. SoLa Impact's fourth fund, the Black Impact
Fund, is part of an initiative to invest over $1 billion in affordable and workforce housing
and related social impact strategies across urban cities in
California.
SoLa Impact was ranked as the 7th fastest-growing minority-led
private company on Inc. Magazine's Inc500 list and was also
recognized by Forbes Magazine and the Sorenson Impact Center as the
leading urban Opportunity Zone fund in the country. SoLa Impact's
funds have attracted a number of leading investors seeking yield
while also committed to Diversity & Inclusion and delivering
impact through ESG initiatives.
SoLa Impact Media
Contact:
|
Black Impact
Fund:
|
Karen
Lewis (323)
424-9400
|
Felicia
Allen felicia@solaimpact.com
|
karen@goingpublicpr.com
|
|
View original
content:https://www.prnewswire.com/news-releases/sola-impacts-black-impact-fund-receives-25-million-investment-from-paypal-to-address-racial-equity-through-affordable-housing-301463531.html
SOURCE SoLa Impact; PayPal Holdings, Inc.