Building Stability Through Partnership: How Mission-Driven Capital Preserved and Expanded Affordable Homes in Summerville
For many, impact investing means making investments with the intention to generate positive social and environmental outcomes alongside a financial return. For Allie Zamfir, Founder of Tesatura Capital, Jeffrey Crum, President of Ellavoz Impact Capital, and Marc Pollack, President & Board Chair of EQ Housing Advisors, it also means finding the right partners and investors to come to the table.
“There is a critical need to use capital for good, but also for each investment to perform — not everyone thinks that way. What’s a priority for me is to align our investments with the right partners who truly understand that concept,” explains Zamfir.
“Innovation is vital in the impact investing space, especially when it comes to preserving affordable housing. Success depends on CDFIs and mission-aligned organizations working creatively together, finding new approaches and solutions to ensure transformative projects get funded and communities thrive,” adds Pollack. His firm, EQ Housing Advisors, is collaborating as the non-profit managing partner with Tesatura Capital and Ellavoz Impact Capital on this project.
As long-time practitioners in community financing, Reinvestment Fund understands that impact investing is most powerful when it brings the right partners together around a shared vision.
With a 40-year track record of directing capital into underserved communities, Reinvestment Fund brought funding, and deep experience aligning financial tools with community priorities.
Over the years, as capital needs and development models have evolved, so has Reinvestment Fund’s approach. Reinvestment Fund continues to expand its investment management strategy—designing and managing structured funds, co-investments, and other vehicles that advance its mission, respond to market dynamics, and promote equity in the development landscape.
When Zamfir and Crum reached out to Reinvestment Fund regarding a deal for the acquisition of 36 units of naturally occurring affordable housing (NOAH) in Summerville, South Carolina, it was a great fit. Named Canopy at Pine Landing and Canopy at Cypress Square, these two townhome communities are within a short walk of one another and located in the northwest corridor of Charleston—a fast-growing area where rising rents and new development are increasingly displacing long-time residents.
We’re charting the path and building new models for what community-centered investment can look like. That means working closely with partners like Reinvestment Fund to create tools that are financially sound and socially impactful.
Allie Zamfir, Founder of Tesatura Capital
A few months later, Tesatura and Ellavoz deepened its commitment to this place-based strategy with the acquisition of a third adjacent property, now known as Canopy at Oak Bend. This 20-unit community, located directly across the street from the original two sites, brings the total Summerville portfolio to 56 affordable homes. All three properties are operated under a unified management approach that enables cost efficiencies, coordinated resident services, and a consistent affordability strategy.
Summerville is experiencing some of the most significant housing pressures in the region, with limited tools available at the local or state level to preserve affordability. NOAH refers to older, unsubsidized apartment complexes that are affordable due to their age, condition, or location.
For Reinvestment Fund, this investment supports local efforts to retain affordable housing stock near job centers and transit while protecting community stability. It ensures long-term affordability by reserving a set percentage of units at a portion of Area Median Income (AMI). These restrictions are linked to a full property tax exemption, creating a structural incentive for current and future owners to maintain affordability. This approach prevents displacement and market-rate conversion, a common risk in such rapidly growing submarkets.
A glimpse into a Canopy home, renovated through creative financing strategies that safeguard affordability and community stability.
The three sister communities are also located a short distance from the planned Lowcountry Rapid Transit line and major employers like Volvo and Walmart. This places residents within reach of jobs, services, and mobility, which supports economic opportunity while preserving housing affordability in a corridor undergoing significant development and densification.
All three Canopy communities are structured to preserve long-term affordability, with a mix of units reserved for households earning between 50% and 80% of AMI. The communities will also undergo modest renovations and continued investment in tenant-centered programming to sustain the strong sense of community already present. Collectively, the three Canopy communities will provide stable housing for more than 100 residents, many of whom are working families, essential workers, and seniors.
“With limited state and local tools to address rapid rent and price increases, creative use of private capital can help fill the gap where public resources to preserve affordable housing are limited,” explains Crum.
“We’re charting the path and building new models for what community-centered investment can look like,” says Zamfir. “That means working closely with partners like Reinvestment Fund to create tools that are financially sound and socially impactful.”
As housing pressures have driven prices to unprecedented levels in most areas and continue to intensify, this project offers a replicable blueprint for preserving affordability without public subsidy and keeping communities whole. By committing to disposition only to mission-aligned owners, the project safeguards affordability for the long term—beyond the initial five-year hold. This ensures the community benefits don’t end when the investment cycle does. It’s a model that prioritizes housing as a public good, not just a financial asset.
“How does the community development industry meet today’s capital needs? Innovative programs and policies have helped, but creating true equity products is what can really move the needle,” said Crum. “We’re working to build that platform—and we welcome partners like Reinvestment Fund to join us in making these transactions possible.”