Create a “social impact fund” local non-profit organizations (prioritizing BIPOC-led organizations) and healthcare systems can use to buy multi-family homes and apartments that need work or are in less desirable locations (and therefore more economical to purchase), as well as individual, affordable homes located throughout the community. Ownership by nonprofits will protect the homes from gentrification and redevelopment so they remain affordable. Funds should focus on preserving existing housing (rather than new development) with an emphasis on enabling BIPOC communities to participate in ownership through strategies such as limited equity cooperatives and community land trusts:

Instead of creating a social impact fund, investors can also engage an existing fund operating in another region/state but wants to expand into NC.

• An example of a Limited Equity Collaborative is East Bay Permanent Real Estate Cooperative, which is structured to maximize community benefits and resident wealth building
• An example of a community land trust is the Asheville-Buncombe Community Land Trust, which “creates permanently affordable housing by reducing the affordability gap and increasing homeownership opportunities for low-income buyers”

This promising strategy requires investment in: