A partnership between Ellavoz Impact Capital, Tesatura Capital, EQ Housing Advisors, and Reinvestment Fund has helped preserve 56 units of naturally occurring affordable housing (NOAH) in the rapidly appreciating housing market of Summerville, SC, a suburb and employment hub in the Charleston area.
For Jeffrey Crum, president of Ellavoz Impact Capital, and Allie Zamfir, founder of Tesatura Capital, impact investing means far more than just financial returns. It’s about aligning capital to preserve housing for existing residents who would likely be displaced by an alternatively motivated buyer.
Mr. Crum spoke about the impact these acquisitions will have on the local community and current residents: “Purchasing these three small apartment buildings which are all within a tenth of a mile of each other helps Summerville preserve much needed price-attainable housing. While this area has exploded in terms of job growth and opportunity, this has led to rapid increases in real estate values and rent prices. Ellavoz is excited to partner with Tesatura and Reinvestment Fund to ensure these 56 units remain affordable to low- and moderate-income households that might otherwise be forced to move or see their rents increase drastically.”
With more than 40 years of experience directing capital into underserved communities, Reinvestment Fund is bringing both funding and expertise to the project. Their experience was central during the acquisition of the three townhome communities: Canopy at Pine Landing, Canopy at Cypress Square, and Canopy at Oak Bend.
Located near the planned Lowcountry Rapid Transit line and major employers such as Volvo and Walmart, the properties provide affordable homes in a fast-developing corridor where rising rents threaten long-time residents. NOAH properties are older, unsubsidized apartments which are classified as affordable due to age or condition and are increasingly vulnerable to market-rate conversion.
Through this investment, affordability is preserved via a covenant that reserves a portion of units for households earning between 50% and 80% of Area Median Income (AMI). Residents will experience more than just sustained affordability. Both communities will receive thoughtful renovations and essential building system upgrades, along with new community features such as a playground, gardens, and improved laundry facilities. Together, these enhancements will elevate the daily living experience for more than 100 residents—many of whom are working families and seniors.
This investment marks a major milestone for Reinvestment Fund who has lent billions in capital for affordable housing and community development projects throughout the country. This investment represents Reinvestment Fund’s first limited partner equity investment in decades. Ellavoz and Tesatura applaud Reinvestment Fund’s ability to find creative and unique ways to deploy capital into affordable housing transactions that meet the demands of the field today.
“We’re charting the path and creating new models for what community-centered investment can look like here in Charleston,” said Allie Zamfir, Founder of Tesatura Capital. “That means collaborating with partners like Reinvestment Fund to design tools that are both financially resilient and socially impactful.”
As housing pressures grow nationwide, this collaboration offers a model for safeguarding affordability without reliance on public subsidy. Ultimately, Canopy at Pine Landing, Canopy at Cypress Square, and Canopy at Oak Bend embody more than preserved housing—they illustrate how mission-driven capital can protect homes and strengthen communities for generations to come.
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