Rose Smart Growth Investment Advisors has raised a further $93m (€107m) for its US affordable housing preservation fund.

The impact investment manager and Jonathan Rose Companies affiliate said the capital commitments received in the second close of the fund take the total capital raised to $238m.

Early last month, the fund manager said it had received an initial $145m in capital commitments for the affordable housing fund that will acquire and preserve affordable multifamily housing in select high-cost markets around the US.

Rose Smart Growth Investment Advisors said that, as the ”housing crisis deepens, burdening both renters and homeowners with rising costs that disproportionately impact lower-income Americans and seniors”, the fund will advance Jonathan Rose Companies’ goals of creating and preserving affordable housing across the country.

Nathan D Taft, CIO of Jonathan Rose Companies, said: “The investor confidence represented by this second round of funding is incredibly inspiring. Against the backdrop of broader fundraising hurdles across the industry, we believe that investors see affordable housing as a promising opportunity.

“The successful closing of this next round indicates the growing momentum of our preservation fund and excitement for the work it will help achieve.”

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