‘Desperate Housewives’ Star Eva Longoria Is Investing in Affordable Housing
Eva Longoria may be best known for playing a housewife, but in real life, she’s a philanthropist—and a shrewd businesswoman.
The Desperate Housewives actress is investing in affordable housing through a new partnership with social impact investment firm Turner Impact Capital, according to a company statement released on Monday.
Longoria will act as both an investor in and an ambassador for Turner’s Multifamily Impact Fund, which “seeks to acquire, improve, and preserve critically-needed workforce rental housing throughout the country,” according to the company’s website.
“Turner Impact Capital’s investment strategies directly benefit a broad cross-section of urban residents, including Latinos, the youngest and one of the fastest-growing demographic groups in the United States,” Longoria said in the statement.
According to the Los Angeles Times, Longoria’s heritage and advocacy within the Latino community was one of the reasons Bobby Turner, the company’s principal and CEO, brought her on. “Eva not only brings to this partnership the intelligence and wisdom, but she also brings the authenticity to advocate in minority communities,” Turner told the LA Times.
In 2013, Longoria launched the Eva Longoria Foundation, which, according to its website, “helps Latina women build better futures for themselves and their families through education and entrepreneurship.”
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A Turner representative declined to share the size of Longoria’s investment, but called it “meaningful.” The fund’s minimum for institutional investors is $5 million, according to the LA Times. It has not disclosed any minimum for individuals.
Institutional Investor reports that the fund is aiming to raise $300 million and has targeted annual net returns of 10% to 12%.
About a quarter of renter households in the U.S. spend half or more of their income on rent, according to the statement. The goal of the Turner fund—which has purchased nearly 2,500 apartment units in Maryland, Florida, Texas and Nevada since its launch last year—is not only to acquire property (and provide returns for investors), but also to preserve housing affordability.
The fund will create “resident enrichment programs” that will provide residents with discounted rents in exchange for services, said the Turner representative. For example, a teacher might pay lower rent in exchange for tutoring students in the community. One of Longoria’s responsibilities as an ambassador will be to advise on these programs.