Martin Muoto, mutual fund manager and developer in Los Angeles, plans to raise $ 1 billion to invest in black and colored communities in major urban markets.
After the summer, businesses and investors across all segments of commercial real estate – and the financial institutions that fund it – have pledged billions to bridge the racial wealth gap and eradicate the financial legacy of systemic racism. Muoto, who is black, said the problems of racism had a tremendous focus and he believes that people want to focus on possible solutions.
“We said, ‘OK, let’s give these companies a chance to actually do what the PR and lip service say,” Muoto told Bisnow.
A SoLa Impact project under construction in Los Angeles. The $1 billion company known as the Black Impact Fund would actually be two funds: one of $ 500 million for qualified opportunity zones and another $ 500 million fund for projects nearby, but not in these areas designated by the federal government.