Impact Growth Capital Newsletter

We are excited to share a powerful update following our recent meeting at HUD headquarters in Washington, D.C.

Sam Sells and Duke Tanner had the great privilege of being invited to brief Principle Deputy Assistant Secretary Frank Cassidy. Many of the key department heads of the Department of Housing and Urban Development were there to hear us speak about our system to not only redevelop distressed public housing, but to provide a total system that helps residents become self sufficient and exit welfare in 2 years or less.

During the presentation, Assistant Secretary Frank Cassidy abruptly got up, and stepped out of the room. We thought we had blown it…

When he came back in, he said that he was so impressed with our system that he spoke with the Secretary of HUD, Scott Turner and that Scott wanted to hear about our plan and our 500-unit pilot program with Las Vegas’s Southern Nevada Regional Housing Authority and our Impact Fund. He then led us up to Secretary Turner’s office and we spent 20 minutes with him going through the plan and answering his questions.

Secretary Turner was sharp, incredibly passionate about helping people get out of poverty, and very open to our ideas.

He expressed that HUD will support our Las Vegas Pilot—and importantly, he wants to be fully informed of the progress of our system to determine if it will be the prototype to deploy across all of public and Section 8 housing around the nation.

This marks a major validation of our strategy at the highest level and significantly enhances the credibility and scalability of our initiative.  

This development materially strengthens our position and paves the way for our model to become a national template. We have been fortunate to have $63 million in LP-level commitments from two family offices circled for the first Las Vegas pilot. That is more than is needed, so we feel confident in our negotiations with the Housing Authority in expanding the size of the pilot to entail more units.

There remains a narrow window for select partners to participate through our co-GP structure, offering the economics of a GP with the passive experience of an LP. Given recent events, we anticipate this window will close quickly.

Please reach out to our investor relations team if you’d like more details or if you’re ready to join us on this incredible endeavor.