Homebuilding Investment Fund II will support affordable homeownership construction programs over the next 5 years, following a successful $2 million pilot.
November 29, 2023 (SAN DIEGO) — San Diego Habitat for Humanity received new investments through impact asset manager Mission Driven Finance, expanding on their prior collaboration. This new philanthropically sourced capital will enable the construction of affordable for-sale housing in San Diego County.
The first fund launched in 2018 and mobilized over $2 million from philanthropic investors. That capital supported the construction of 27 homes across four developments purchased and owned by low-income families in San Diego County.
“As a single mother, the dream of owning a home once felt unattainable, and I’m deeply grateful to San Diego Habitat for Humanity for turning that dream into reality,” shared Leticia Ortiz, a Habitat homeowner and board member. “Affordable homeownership has truly transformed our family’s lives, from enabling me to establish a college fund for my son, to having our own backyard, where we tend to our chickens that brings us so much joy. I’m proud to serve on Habitat’s board to keep championing its mission and pay it forward for families in our region.”
New capital commitments will expand support of San Diego Habitat For Humanity’s affordable homeownership construction over the next five years—with several projects on the horizon in the cities of Escondido and Santee. Beyond the homes already in the pipeline, financing from Mission Driven Finance will allow San Diego Habitat for Humanity to scale up its construction operations and take on projects with more affordable homes for working San Diegans.
“We are grateful to partner with Mission Driven Finance to bring innovative financing solutions that will help address the affordability crisis impacting our region, all while making the dream of attainable homeownership a reality for working families,” said Kwofi Reed, president & CEO, San Diego Habitat for Humanity. “Homebuilding Investment Fund II is a significant tool that will help us create more affordable homeownership opportunities for more families across San Diego County.”
Since 2016, Mission Driven Finance has designed capital strategies that support an inclusive economy. Housing is a key component, especially in San Diego, where the firm has partnered with individuals, foundations, and nonprofit organizations to develop both affordable and middle-market units across the region.
California Southern Small Business Development Corporation partnered with Mission Driven Finance in this investment.
“In solidifying our dedication to advancing equitable housing solutions through an innovative partnership with San Diego Habitat for Humanity, Mission Driven Finance is grateful to work with Juan Carlos Hernandez and his California Southern SBDC team for greater impact for our community,” said Louie Nguyen, CFA, Chief Investment Officer, Mission Driven Finance. “It is personally fulfilling to witness BIPOC community leaders working together to address the urgent housing challenges in San Diego County.”
About San Diego Habitat for Humanity
People in our community partner with San Diego Habitat for Humanity to build or improve a place they can call home. Habitat homeowners build their homes alongside volunteers and pay an affordable mortgage. With our help, Habitat homeowners achieve the strength, stability, and independence they need to build a better life for themselves and their families. Habitat for Humanity exists through volunteer labor and contributions of money, land and materials, including purchases and donations to the ReStore, Habitat’s discount home improvement retail center. For more information, visit sandiegohabitat.org or call 619-283-HOME (4663).
About Mission Driven Finance
Mission Driven Finance is an impact investment firm dedicated to building a financial system that ensures good businesses have access to sufficient, affordable capital. Built from the ground up with a single purpose—to make it easy to invest in your community—all of their funds and structured products are designed to close financial gaps that will close opportunity gaps. They work with local and national investors to help them create the impact they want and work with businesses and community partners to help them get the capital they need. Mission Driven Finance was launched in 2016 in San Diego, CA, and is a Certified B Corporation. In 2023, Mission Driven Finance was selected for ImpactAssets’ IA 50 Fund Manager list, a category for experienced impact fund managers with a minimum three-year track record.