IGNIA Fund I, LP, the first impact investing fund in Latin America, announced today that it has invested over US $3 million in Comunidades que Renacen S.A.P.I. de C.V. ("Provive"), a new business concept which is set up to acquire, refurbish, and sell foreclosed homes in low-income housing developments while working with these communities to reestablish active neighbor participation in its revitalization process. "Provive's work with communities successfully addresses the degradation that many housing developments are suffering, caused by home abandonment and foreclosed homes" said Alvaro Rodriguez Arregui, co-founder and Managing Partner of IGNIA. "With an innovative approach, Provive works with credit providers, developers, NGOs and local authorities to identify, acquire, refurbish, and bring houses back to market, improving infrastructure and public spaces, and the quality of life for people in low income sectors" he added.
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