Affiliated Development Launches $250 Million Impact Housing Fund to Address Florida's Affordability Crisis

Affiliated Development has launched its second impact investment fund, Affiliated Housing Impact Fund II, LP, a $250 million vehicle that will deploy equity capital to finance high-quality, mixed-income workforce housing projects across Florida. The fund represents a continuation of the company's proven strategy of delivering luxury multifamily communities at attainable rents while transforming underserved markets through innovative public-private partnerships.

The fund's principals, Nick Rojo and Jeff Burns, will serve as sole general partners and managers, building on the success of their inaugural fund launched in 2020. Affiliated Development specializes in public-private partnerships that typically utilize government financing incentives to make projects financially feasible. This approach has positioned the company as a key player in addressing Florida's housing affordability challenges.

South Florida represents the epicenter of the housing affordability crisis, according to Burns. Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. This statistic underscores the urgent need for solutions to the growing housing accessibility issue affecting a majority of the region's residents.

The fund has already completed its initial closing with the majority of commitments coming from local municipal, police and fire pension plans, many of which are repeat investors. This strong support reflects a shared vision of reinvesting capital back into local communities to drive economic growth while providing critical housing and generating market-rate returns. The partnership model creates what Rojo describes as a win-win scenario where community investment drives financial returns.

Since launching in 2014, Affiliated Development has been actively executing its strategy in the South Florida market. Recent approvals include The Ray, a 400-unit mixed-income workforce housing development in Sunrise, and The Cove, a 376-unit development in Fort Lauderdale. The company has also secured approvals for 636 units across two mixed-income public-private partnerships in Boynton Beach, The Dune and The Pierce, with groundbreaking on The Dune expected in the fourth quarter of this year.

Current construction activity includes The Era, a 400-unit mixed-income workforce housing development in Fort Lauderdale that broke ground in March. The company is scheduled to deliver two additional mixed-income workforce projects by year-end: The Tropic, a 223-unit project in Hollywood, and The Spruce, a 270-unit project in downtown West Palm Beach. Recent completions include The Grand with 309 units in West Palm Beach, The Bohemian with 200 units and The Mid with 230 units in Lake Worth Beach, and The Six13 with 142 units in Fort Lauderdale.

The fund's impact extends beyond immediate housing solutions by addressing systemic affordability challenges through market-rate developments that maintain luxury standards while remaining accessible to workforce populations. This approach demonstrates that financial returns and social impact can coexist in real estate development, potentially setting a new standard for how private capital can address public needs through strategic partnerships with local governments and community stakeholders.