Chennai: Tamilnadu Shelter Fund (TNSF), a fund managed by the Tamilnadu Infrastructure Fund Management Corporation (TNIFMC), has invested Rs 95 crore in an affordable housing project.
The fund will be utilised for the construction and development of ‘VRX 360’ a 2700-unit under construction affordable developmentproject in Thirumazhisai, a suburb in western Chennai.
TNSF is a Category I (Social) Alternative Investment Fund (AIF) invested by global investors like World Bank and managed by TNIFMC. It invests in Environmental, Social and Governance (ESG) compliant affordable housing impact projects for commercial returns.
Its ESG monitoring framework has been developed alongwith World bank.
This is the first time World Bank has invested in an ‘innovative finance vehicle’ to support and provide funding for good quality affordable houses by private developers, including industrial workers housing, working women hostels and assisted care living for senior citizens and disabled people.