Investment types include:

• equity investments (alongside developer partner’s equity and local debt) in new construction of mixed-income housing, primarily for-sale, will comprise approximately 70% of portfolio investments;
• equity investment (alongside developer partner’s equity and local debt) in rental rehabilitation or conversion, typically in large urban areas, will comprise approximately 30% of portfolio investments; and
• minority equity investments in operating companies that are part of the housing finance value chain, such as alternative construction component suppliers, will comprise no more than 10% of portfolio investments.

The Fund’s exit from investments is expected to be through the sale of developed homes, the sale or listing of its rental portfolio and the private sale or listing of its shares in operating companies.