A case study from the Federal Reserve Bank of New York profiles the managers of private investment vehicles focused on multifamily affordable housing. The study surveys fund managers on capital raised, capital deployed, income targeting, and strategy, showing a market that leans on preservation and reaches deeper affordability than the Low Income Housing Tax Credit alone.
Specifically, the NY Fed research found that:
- The median respondent had raised 300 million dollars and deployed 169 million dollars since 2017.
- Most vehicles target residents earning 50 to 80 percent of area median income, deeper than the LIHTC 60 percent AMI standard.
- Bank investors supply 34 percent of equity capital while nonbank institutional investors supply the remaining 66 percent.
Methodology and Context
The Community Development team at the Federal Reserve Bank of New York conducted a structured case study survey of managers running private investment vehicles focused on multifamily affordable housing, collecting data on capital raised, capital deployed, target AMI bands, transaction types, and capital sources. The sample includes managers active since 2017, capturing a growing segment of private mission-aligned real estate capital.
