New York Life has announced a $50 million investment in IMPACT Community Capital in support of efforts to preserve affordable housing across the country.

Part of the three-year, $1 billion impact investing initiative the insurance company announced in April, the funding will provide short-term bridge loans to enable owners of affordable housing nearing the expiration of affordable rent restrictions to preserve their properties' affordability status. IMPACT Community Capital is an investment group owned by several major life insurers and has a stated commitment to social and racial equity.

With the goal of addressing the racial wealth gap by supporting small businesses, affordable housing, and community development, the impact investing initiative already has committed $150 million to Fairview Capital in support of diverse and emerging fund managers and businesses.

"This investment affords us the opportunity to partner with an established market participant and make an immediate positive impact in the affordable housing sector," said Martin King, managing director and head of impact investments at New York Life. "New York Life's impact investment initiative is focused on delivering meaningful societal impacts and generating market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. As an asset class, affordable housing has a strong property performance history."

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