Portfolio Partner Profile

CAG National Fund III

The CAG National Fund III is managed by the Community Aggregators Group III, LLC and is a collaboration among four nonprofits, Habitat for Humanity International (HFHI), Housing Partnership Ventures, Inc. (an affiliate of Housing Partnership Network, together HPN), Brick by Brick Training & Development Corporation (B3), and Hogar Hispano, Inc. (HHI). The Fund’s primary purpose is to increase the supply of affordable single-family homes across the US, leveraging the US Department of Housing and Urban Development’s (HUD) auction process for disposition of its defaulted Home Equity Conversion (HECM) mortgages on vacant single-family properties.

A goal of the Fund is to increase the supply of affordable homes to both HFHI’s and HPN’s affiliates, members, as well as target market homebuyers. They have partnered with B3 to leverage the extensive experience of Wayne Meyer and Scott Fergus (Formally from New Jersey Community Capital), who together have managed over 5,000 single-family properties over the past decade. Hogar Hispano is a nonprofit incorporated in Washington, DC with the mission to serve the Hispanic and Latino community, both locally and nationally, through real estate investment and financing activities. These four organizations came together in 2021, with the goal to increase affordable single-family homes that are managed and owned by mission-driven nonprofits and low-income homeowners.

Most of the HUD-auctioned homes are acquired by market-rate Private Equity funds and do not contribute to the affordable housing stock. This unique CAG collaboration creates an access pipeline for affordable single-family homes for community-based nonprofit organizations and their homebuyer customers.