Nuveen has secured a $250 million commitment from the TIAA General Account to seed the Nuveen Real Estate U.S. Impact Housing Fund.  

The core-plus, open-end fund aims to generate strong risk-adjusted returns while creating housing opportunities for low-income residents across the U.S. It will invest in a geographically diverse portfolio of properties, including those with rent subsidies, rent restrictions, income restrictions, and Naturally Occurring Affordable Housing (NOAH) assets. The fund also intends to support 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. “As a key component of healthy, sustainable communities, affordable housing also enhances economic activity and job creation.”