Nuveen Lines Up $250M TIAA Investment for Affordable Housing Fund

Nuveen, TIAA’s $1.1 trillion asset manager, has secured a $250 million investment from the TIAA General Account to seed the Nuveen Real Estate US Impact Housing Fund, a core-plus, open-end strategy aimed at low-income residents across the US.

The fund’s investments include housing with rent subsidies, rent restrictions, income restrictions and Naturally Occurring Affordable Housing (NOAH) assets.

The fund also intends to invest in regenerative development and financing that supports minority and women developers of affordable housing.

“As demand for affordable housing has intensified nationwide, more investors are seeking opportunities in this resilient housing sector that produces positive societal benefits and steady returns—both of which are also aligned to TIAA’s objectives,” said Pamela West, Portfolio Manager of Impact Investing at Nuveen Real Estate.

The fund will also focus on housing preservation for residents earning less than 80% of Area Median Income (AMI), with a substantial concentration of households earning less than 60% AMI.