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TruFund Financial Services, Inc. Secures Additional $11.5 Million in Capital to Bolster Historically Under-Resourced Affordable Housing Developers

TruFund Financial Services, Inc. is proud to announce the expansion of the Impact Developers Fund (IDF). The additional $11.5 million includes commitments from three new investors, in addition to increased commitments from the Ford Foundation and Tru-Capital Investment Fund, the general partner of the fund. This results in a >40% increase in the fund's size to a total of $37.5 million.

The fund's mission is to empower real estate developers who have traditionally lacked access to capital and support from conventional sources, including BIPOC and women-owned developers. Since its launch in 2020 with $26 million in initial capital from Morgan Stanley and the Ford Foundation, IDF has demonstrated its unwavering commitment to supporting developers focused on creating high-quality, affordable housing throughout the United States. With the infusion of an additional $11.5 million in capital, IDF is poised to have an even greater impact on underserved communities and promote equitable access to real estate development opportunities.

The newly added investors to IDF include the Kresge Foundation and Carver Bancorp, Inc., both esteemed organizations recognized for their dedication to community development and social impact. This expansion of the investor pool speaks to the fund's growing reputation as a vehicle for transformative change.

Since its inception, IDF has been at the forefront of empowering real estate developers, having fully deployed its initial funds across five visionary investees dedicated to advancing affordable housing projects and are already seeing an impact on their businesses. Since IDF’s investments were made, these developers have secured over $130 million in additional operating or project financing. This funding has been instrumental in not only strengthening their financial standing but also in fueling their efforts to create sustainable, inclusive, and vibrant communities.

"The expansion of the Impact Developers Fund is a testament to the power of collaborative efforts in achieving meaningful change," said James H. Bason, President and CEO at TruFund Financial Services, Inc. "With the continued support of our valued partners, Morgan Stanley and the Ford Foundation, along with the inclusion of the Kresge Foundation and Carver Bancorp, Inc., we are now better equipped to drive positive social and economic outcomes through real estate development. This will empower even more visionary entrepreneurs and developers from underrepresented backgrounds to create lasting impact in their communities."

“As an anchor investor in the Impact Developers Fund, Morgan Stanley looks forward to continuing involvement with TruFund in supporting a thriving affordable housing development sector," said Joan Tally, Managing Director in Community Development Finance at Morgan Stanley. “These investments will not only strengthen and support impactful companies but will also have a long-term positive affect on the residents of the apartments developed by the companies.”

"Historically disadvantaged and underserved businesses, whether they are based in racially diverse and dynamic urban American or the beautiful rolling hills of rural white Appalachia, need equity capital. The CDFI industry was an innovative government creation to serve those businesses, but too few CDFIs have equity products. I applaud Morgan Stanley leaders James Gorman and Mike Mantle for seeing the need and addressing it," said Ford Foundation Head of Mission Investments Roy Swan. "There are few more worthy investments than putting safe and affordable roofs over the heads of moms, dads, and children wherever they live in America. The return on investment is not just financial; safe and secure families are also more productive and engaged members of society."

“Kresge’s flexible equity capital will enhance the capacity of historically under-resourced developers, including BIPOC- and women-led and minority-led developers’ capacity to effectively grow their housing real estate portfolios,” said Tosha Tabron, Social Investment Officer at The Kresge Foundation. “IDF’s intermediary investment approach is critical to supporting emerging developers, who with the right capital, can scale their work in communities and be competitive in the market alongside established traditional and affordable housing developers.”

“Carver’s investment in the Impact Developers Fund is a natural extension of our 75-year track record of driving change and supporting economic empowerment among traditionally underserved communities, including communities of color,” said Michael T. Pugh, President and Chief Executive Officer of Carver. “We are proud to support the Impact Developers Fund and its diverse group of real estate developers, which are making dreams a reality for many low-income individuals and families.”

Through the dedication of all its stakeholders, the Impact Developers Fund is paving the way for increased equity and inclusion in real estate development. The fund's work not only addresses immediate housing needs but also ensures that the benefits of development extend to those who need it most. As we continue to expand our reach and deepen our impact, TruFund Financial Services, Inc. and its partners remain steadfast in their commitment to creating a more equitable and inclusive future for all.

About TruFund Financial Services

TruFund Financial Services, Inc. is a wholly independent national non-profit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance and innovative solutions to small businesses and nonprofit organization.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit

About the Ford Foundation

The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.

About the Kresge Foundation

The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America’s cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit

About Carver Bancorp, Inc.

Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American and Caribbean-American communities in New York whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution (“CDFI”) because of its community-focused banking services and dedication to its local community’s economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, DC. For further information, please visit the Company’s website at


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