IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

IA-50-2025-logo

An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50 Help Topics
Filtering:
Use the filter categories on the left to narrow down your results. You can switch years via the dropdown menu. The numbers next to each filter represent the number of results available given your current selection. If you'd like to start over, simply click the 'Reset All Filters'� link.
Sorting:
Use the dropdown menu found in the top right to arrange your current set of results. Select your preferred sorting option and wait for the results to refresh.
Printing:
Use the print button to print the current page contents. This works for both the summary view and the full Fund Manager detail view.
ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2025 PROFILE

Hudson Valley Property Group

Total Assets Under Management: $500 – 999M
Asset Class: Real Estate, Private Equity
Primary UN Sustainable Development Goal: 11 – Sustainable Cities & Communities
Affordable Housing
Climate Change
Decarbonization and Carbon Drawdown

Firm Overview

Category: Real Estate

Hudson Valley Property Group (HVPG) preserves and elevates the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 17,170 units across more than 97 properties, serving more than 47,850 residents.

Firm Headquarters: United States
Years of Operation: 10 years or more
Total Assets Under Management:
$500 – 999M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

We preserve and improve existing affordable housing in the United States for generations to come by acquiring multi-family properties and adding thoughtful and sustainable enhancements, leveraging innovative strategic partnerships in the areas of healthcare, education and technology to deliver a better standard of living for residents and value for investors.

Investment Overview:

HVPG acquires existing affordable properties, maintains and extends affordability programs and elevates the quality of the housing for its residents. Through strategic renovations, operational efficiencies, improved security measures, community engagement and sustainability efforts, HVPG properties both perform as better assets, and become places that residents are proud to call home. Beyond addressing the quality of housing, HVPG enhances services and facilitates access to other local resources that elevate quality of life.

Company Differentiator:

Hudson Valley Property Group stands out from its competitors because we put people first in everything we do. After observing blatant housing inefficiencies in their hometown of Rockland County, New York, childhood best friends Jason and Andy wanted to improve conditions for families in need of quality affordable housing and founded HVPG.  As sons of educators, they felt a connection to the area’s public servants and understood their invaluable contribution to the community. In the aftermath of the mortgage crisis, the two embarked on a mission to use their entrepreneurial experience, financial and real estate industry background, and passion to preserve affordable housing and better serving residents.  Jason and Andy came together to build an organization that follows the motto of 'doing well by doing good,' aiming to place people over profit, make a lasting impact in their community and create a scalable model to create impact across the country. 

Investment Example

In 2024, HVPG completed a $71M acquisition, preservation and renovation project at Grandview Terrace, a 283-unit low-income senior property at risk of losing its affordable status and in need of significant repairs. The renovations included new cabinetry, countertops, low-flow water fixtures, Energy Star appliances, energy-efficient LED lighting and a new “smart” intercom system. HVPG also created a “sky lounge” with a stretching room, library and space for social services programming. Under previous ownership, the property's regulatory restrictions expired, putting tenants at-risk of being displaced. As a result of HVPG’s efforts, a new 20-year HUD Agreement was secured and 267 income-qualified tenants received new rental subsidies (limiting their rent to 30% of annual income). Sustainable practices are prioritized at every step of HVPG's process, and we have reduced energy usage across our properties by an average of 9% in kilowatt-hour consumption (electricity) and 12% in therm usage (natural gas).

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Jason Bordainick – Managing Partner & Co-Founder More Info

Jason co-founded Hudson Valley Property Group with a vision to create the preeminent housing preservation firm, improving upon the availability, quality, and affordability of housing across the country. HVPG acquires existing multi-family properties and enhances their sustainability, leveraging innovative strategic partnerships in the areas of healthcare, education and technology to deliver added value for residents and investors.

Andrew Cavaluzzi – Partner & Co-Founder More Info

Andy Cavaluzzi co-founded Hudson Valley Property Group (HVPG) with a mission to preserve and improve existing affordable housing in the United States for generations to come. HVPG acquires multi-family properties and adds thoughtful and sustainable enhancements, leveraging innovative strategic partnerships in the areas of healthcare, education and technology to deliver a better standard of living for residents and value for investors. Andy is focused on bettering the housing situations for thousands of families across the country and making lasting contributions to the communities where they reside.

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Providing housing
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Promoting arts and media
Providing housing
Addressing racial inequities
Value-added Services Offered:
Financial literacy training
Technology training
Education services
Human Resources, recruiting and professional development services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

In all steps of the renovation and management process, HVPG aims to find partners that are aligned with our mission statement.  We use a public/private partnerships with HUD, local housing authorities, cities, municipalities, local IDAs and state finance agencies to increase affordable units that can be preserved, created and rehabilitated.  Additionally, our construction companies use sustainable building processes limit environmental impact and blend form with function, in harmony with the environment. We incorporate practices that reduce waste, conserve energy and water and reduce greenhouse gas emissions.  Lastly, our community partners are charitable organizations who are passionate about making a positive impact on their community. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

Our partners are members of the local community that are passionate about making a difference in the communities we serve. Since we consider impact in everything we do, we expect the same of our partners and expect transparency when it comes to their intrafirm social and environmental sustainability practices.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
None

Learn More

Key Contact Name: Diana Bellizzi
Phone: 917-398-4100
Mailing Address:

200 Vesey Street 24th Floor, New York, NY 10281 USA

Apply for the IA 50 2022

The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.

IA 50 2026: Apply For Consideration

The application period for the IA 50 2026 is now closed! To stay informed on the IA 50 application process, sign up here.