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The challenges of affordable housing are manifold. However this presents an opportunity to private investors, real estate companies, and developers. With the growing global trend for impact-based investments, many institutional investors have begun to consider the merits of this asset class. This book examines not only the profitability of these assets, but also whether these assets rely on government subsidy. It discusses why investors have become more interested in this product and which investment criteria influence the financial performance of these assets. The authors employed a mixed method approach to collect data at two tiers, first through surveys and afterwards through interviews of 8 firms (3 publicly listed companies, 3 private equity companies, 1 foundation, and 1 state bank) across Germany, the United Kingdom, and the United States. Investment criteria are analyzed using inferential statistics, specifically the Hierarchical Algorithm Cluster Analysis. The financial characteristics of the companies are examined and compared using descriptive statistics and the qualitative interview output is explored using the thematic Latent Coding Analysis. Furthermore, the book explains how the bond-like nature of affordable housing is a profitable impact investment option, and how this strategy is particularly worthwhile for institutional investors. It also describes that profitability of affordable housing products is not dependent on subsidy. Still, affordable housing products supported by government incentives in the United Kingdom and United States are most attractive. The book illustrates six important investment strategies identified by veterans in this field to have an influence on the financial feasibility of affordable housing products.
A new way forward for sustainable quality of life in cities of all sizes Strong Towns: A Bottom-Up Revolution to Build American Prosperity is a book of forward-thinking ideas that breaks with modern wisdom to present a new vision of urban development in the United States. Presenting the foundational ideas of the Strong Towns movement he co-founded, Charles Marohn explains why cities of all sizes continue to struggle to meet their basic needs, and reveals the new paradigm that can solve this longstanding problem. Inside, you’ll learn why inducing growth and development has been the conventional response to urban financial struggles—and why it just doesn’t work. New development and high-risk investing don’t generate enough wealth to support itself, and cities continue to struggle. Read this book to find out how cities large and small can focus on bottom-up investments to minimize risk and maximize their ability to strengthen the community financially and improve citizens’ quality of life. Develop in-depth knowledge of the underlying logic behind the “traditional” search for never-ending urban growth Learn practical solutions for ameliorating financial struggles through low-risk investment and a grassroots focus Gain insights and tools that can stop the vicious cycle of budget shortfalls and unexpected downturns Become a part of the Strong Towns revolution by shifting the focus away from top-down growth toward rebuilding American prosperity Strong Towns acknowledges that there is a problem with the American approach to growth and shows community leaders a new way forward. The Strong Towns response is a revolution in how we assemble the places we live.
"A new wave of investors is using impact investing to address some of the greatest challenges of our time--from climate change and water scarcity to lack of access to health care, education, and affordable housing--with the intention of also generating a financial return. This couldn't happen at a more critical time. While philanthropy continues to be a transformative force for good, global philanthropic funds, even when combined with the development or aid budgets of many national governments, add up to mere billions of dollars ... Rockefeller Foundation president Judith Rodin and Margot Brandenburg, two of the foremost experts in the field, explain what impact investing is, how it compares to philanthropy and traditional investments, where opportunities are evolving around the world, and how to get started ..."--Publisher description
There is a large shortage of affordable housing across Europe. In high‐demand urban areas housing shortages lead to unaffordable prices for many target groups. This book explores innovations to support a sufficient supply of affordable and sustainable rental housing. Affordable housing is increasingly developed, financed and managed by a mix of market, state, third sector and community actors. Recent decades in large parts of the Western world have consecutively shown state-dominated, non-profit housing sectors, an increased role for market forces and the private sector, and the rise of initiatives by citizens and local communities. The variety of hybrid governance and finance arrangements is predicted to increase further, leading to new affordable housing delivery and management models. This book explores these innovations, with a focus on developments across Europe, and comparative chapters from the USA and Australia. The book presents new thinking in collaborative housing, co-production and accompanying finance mechanisms in order to support the quantity and the quality of affordable rental housing. Combining academic robustness with practical relevance, chapters are written by renowned housing researchers in collaboration with practitioners from the housing sector. The book not only presents, compares and contrasts affordable housing solutions, but also explores the transferability of innovations to other countries. The book is essential reading for researchers and professionals in housing, social policy, urban planning and finance.
A ground-breaking book on the transformative power of impact investing This is the first book to chart the catalytic path of this new industry, explaining how it is and can be a positive disruptive force. It shows how impact investing is a transformational vehicle for delivering "blended value" throughout the investment spectrum, giving a single name to a set of activities previously siloed in enclaves, revealing how they are linked within what is becoming a new field of investing. Written by two leaders in the growing field of impact investing, the book defines this emerging industry for participants on all sides of the funding equation (investors, funders and social entrepreneurs). Filled with illustrative examples of impact investing success stories Reveals how the field can expand in order to address the most critical social and environmental issues of our day Explores the wide-ranging applications of impact investing as well as entrepreneurial opportunities The authors do not take a normative approach to argue how investors should behave like an investment guide might but show how entrepreneurial people and institutions are already offering an integrated alternative.
Impact investing is gaining global attention from society, governments and businesses. Increasingly, it is seen as a new paradigm to deal with the economic crisis and curtailed public budgets, an answer to the diversified needs of society. It now ranks high on the policy agenda of governments and international organizations, and private investors are searching for new investment opportunities to channel the liquidity available. This book is the first to look at impact investing as a "refocus" of venture capital to sustain the development of societal impact enterprises. Principles and Practice of Impact Investing collects chapters from international experts on the subject, discussing the foundations of the movement, analysing leading international cases and debating future trends in the field. It also includes interviews with some of the most influential stakeholders of impact investing across the world. The book is an inspirational and practical guide for actors and stakeholders to enable better understanding of impact investing. Taking an international perspective, the chapters primarily deal with mature economies, setting it apart from the existing literature focused on emerging countries. The book will be of interests to practitioners and executives, as well as researchers and MBA students.
"As we look ahead to the recovery from the COVID-19 crisis, Making Money Moral could not come at a better time." —Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase The math doesn't add up: Global financial markets can no longer ignore the world's most critical problems. The risks are too high and the costs too great. In Making Money Moral: How a New Wave of Visionaries Is Linking Purpose and Profit, authors Judith Rodin and Saadia Madsbjerg explore a burgeoning movement of bold and ambitious innovators. These trailblazers are unlocking private-sector investments in new ways to solve global problems, from environmental challenges to social issues such as poverty and inequality. They are earning great returns and reimagining capitalism in the process. Pioneers in the field of sustainable and impact investing, Rodin and Madsbjerg offer first-hand stories of how investors of every type and in every asset class are investing in world-changing solutions—with great success. Meet the visionaries who are leading this movement:The investment managers putting trillions of dollars to work, like TPG, Wellington Management, State Street Global Advisors, Nuveen, Amundi, APG and Natixis;The asset owners driving the transition, like GPIF and PensionDanmark;A new generation of entrepreneurs benefiting from the investments, like DreamBox Learning, an innovative educational technology platform, and Goodlife Pharmacies, which is disrupting the traditional notion of a pharmacy; The corporations that are repurposing their business models to meet demand for sustainable products and services, like Ørsted; andThe nonprofits that are reimagining how to raise money for their work while creating significant value for investors, like The Nature Conservancy. In their book, Rodin and Madsbjerg offer a deep look at the most powerful tools available today—and how they can be unlocked. They reveal:Who the investors are and what they want;How innovative products and investment strategies can deliver long-term value for investors while improving lives and protecting ecosystems;How leaders can build strategies and prepare their organizations to enter and expand this dynamic market; andHow to measure impact, understand critical regulations, and avoid potential pitfalls.A roadmap to making the financial market a force for good, Making Money Moral is a must-read for those seeking private-sector capital to address a big problem, as well as those seeking both to mitigate risk and to invest in big solutions. "Judith Rodin and Saadia Madsbjerg identify an important new way of looking at money: from the root of all evil to the fount of all solutions. Their timely, important book on impact investing is full of powerful insights and compelling examples they've seen firsthand. Their work will be sure to accelerate momentum toward a more sustainable world." —Rosabeth Moss Kanter, Harvard Business School Professor and Author of Think Outside the Building: How Advanced Leaders Can Change the World One Smart Innovation at a Time