The time to act on creating shared prosperity and racial equity is right now, says Martin Muoto, CEO of SoLa Impact, a family of social impact real estate funds. He and his team just launched a $1 billion fund to invest exclusively in Black and Brown communities.
Longtime Plug In South LA supporter SoLa Impact operates a data-driven fund focused on high-quality affordable housing, economic development, and access to educational opportunities in underserved and underinvested neighborhoods. Earlier this year Forbes named the company the top Opportunity Zone fund with an urban focus. They were also ranked the seventh fastest growing minority-led private company on the Inc. 5000 2020 list.
SoLa Impact recently introduced the $1 billion Black Impact Fund. In homage to the Thirteenth Amendment and the percentage of African Americans nationwide, 13% will go toward funding an unaffiliated not-for-profit called the Black Impact Community Fund. This fund’s significant size, operating efficiency, and purchasing power is expected to build housing that community members can purchase at cost, opening the door to homeownership and wealth creation, the company said.
“We believe this inclusive model will give us access to better investments and stronger partnerships — particularly in communities of color where minority-led builders, architects, and developers have struggled to access capital,” Muoto said in a public statement.
In today’s curation of must-read innovation and tech news, the Plug In South LA Beat, let’s take a closer look at how the new fund promises to deliver near- and long-term dividends for communities that have been overlooked for too long:
Photo: Martin Muoto is CEO, founder, and managing member. Credit: SoLa Impact