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L+M raises $500M for affordable housing fund

Homebuilder L&M Development Partners Inc. has raised $500 million in private equity over the last year for its workforce housing fund, The Real Deal reported.

The affordable housing development fund attracted contributions from banks and small family office investors, the news outlet said, citing a source familiar with plans.

L&M Development declined to comment, according to the report.

Workforce housing is a term that is broadly used to describe housing that is more affordable than that typically found close to a workplace.