Minority-owned businesses often have a difficult time accessing the capital they need for growth—particularly when located in low-income communities. This gap is reflected in the affordable housing industry, with research indicating that less than 5 percent of development firms are owned by women and people of color.

Impact Developers Fund is a joint effort among TruFund Financial Services, Morgan Stanley and the Ford Foundation to raise and deploy capital and business advisory services that fuel minority-owned developers and their work to advance affordable housing and economic development in disinvested communities.

Launched in 2020, the $26 million fund has invested in five development firms—all led by people of color and women. IDF resources are generally used to develop and preserve affordable housing and community development investments and to enhance the capacity of minority- and women-owned businesses to support this important work.

Fund investments include capital for Lemor Development Group, a Black-owned developer headquartered in New York, and Laurel Street, a Black-owned/woman-owned development company in Charlotte, N.C., both of which used the capital to expand their capacity for community development projects.

IDF is managed by TruCapital Investment Fund, a subsidiary of TruFund Financial Services, which raises capital from private and public entities to invest in minority developers across the country. Investments are made at the corporate/parent level to support balance sheet leverage and organizational growth.

Broadstreet provides administrative services to impact funds like IDF, drawing on our two decades of experience as an investor and fund manager focused on economic development, racial and gender equity, small business growth and community revitalization.