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How Eva Longoria and impact investing are trying to bring affordable housing to Dallas 

The visit would be her first time meeting the people in Dallas directly affected by her investment.

Eva Longoria walked into the Legends on Lake Highlands apartment complex, excited to meet management and residents.

“What is your role here? How long have you lived here?” Longoria asked each person she met, using Spanglish to communicate with Spanish-speaking residents.

The Thursday visit was her first time meeting the people in Dallas directly affected by her latest investment with Turner Impact Capital, which has a fund that works to create affordable housing in big cities.

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The Corpus Christi-born actress, best known for TV shows such as Desperate Housewives and recently Empire, is also a businesswoman and philanthropist. This project with the California-based Turner Multifamily Impact Fund is an example of social impact investing, which makes a profit while tackling social issues.

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Longoria is concerned for workers who have to live hours away from their jobs to find affordable rent. She chose to invest in housing because government and nonprofit organizations are limited in what they can do.

The Turner fund “is creating a sustainable model which will bear fruit for investors but also do something amazing for the community,” Longoria said.

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The Turner fund is led by chief executive Bobby Turner, who left the hedge fund world to get involved in impact investing. Turner said he wants to make profits for investors while bringing social change. He said the fund brings about a 10 percent to 12 percent return.

Longoria has invested in Turner's real estate fund since last year. She declined to disclose her holdings but said it's a cause that matters deeply to her and also satisfies the need to make money as an entrepreneur.

Although Longoria had a cast boot on her leg, it didn’t stop her from walking with Turner to see the property and visiting for nearly two hours with residents and workers. Residents talked about how they were glad to see the changes the company has brought in the last year since acquiring the apartments.

“The reality is that there’s daunting challenges in this country — workforce housing being one of those issues we face,” Turner said. “The government programs are focused on low-income communities, so they aren’t addressing the issue of those who don’t qualify for affordable or Section 8 housing,” he said, referring to government programs.

In Dallas, this means Turner wants to improve a property and enrich it, while keeping rent affordable. He’s purchased two properties in the city: Legends on Lake Highlands and the View at Kessler Park. His other Texas markets are Austin, San Antonio and Houston.

People who earn less than 80 percent of the area's median income are eligible for an apartment. At Legends, a one-bedroom apartment is about $700 a month.

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Many of his properties’ residents are teachers, nurses, social workers or work in law enforcement. The Dallas-Fort Worth area’s median household income in 2016 was $63,812, according to the Census’ American Community Survey.

Turner’s property management company ensures that apartments have programs and services available to residents. That can reduce costs and bring higher profits by limiting resident turnover, Turner said.

“Every time we talk about this business model, it sounds so simple,”  Longoria said. “Why not provide affordable housing that provides basic needs? They want a safe place to live, they want to have access to health care and quality education. You shouldn’t have to sacrifice any of those things when you’re choosing to live somewhere.”

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Turner’s latest partnership includes Children’s Health Hospital, which opened a virtual doctor kiosk at the apartments.

Some residents have part-time jobs at the complex, such as tutoring and teaching life-skills workshops. They get a rent break in return.

Matthew Kinzer, 35, a resident at Legends at Lake Highlands for the last three years, said for the first time he is able to save a significant amount of his paycheck now that he has cheaper rent.

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Kinzer has a full-time job and uses his social work background at community enrichment events. He gets a 50 percent discount on rent.

“You are unable to get ahead of yourself with rent, a car note, car insurance, etc.,” Kinzer said of his previous apartment, where he paid more than $950 a month. “Now, I can breathe.”