A new $50 million Affordable Housing Investment Fund created through a partnership between the National Equity Fund and National Church Residences will be used to acquire, renovate and preserve existing affordable senior housing communities.

“The resources needed to create new affordable senior housing continue to shrink. The traditional source for funding, the HUD 202 program, was recently zeroed out in the federal budget,” Michelle Norris, president of the National Church Residences Development Corp., said in a statement. “Preserving the affordable senior housing communities that already exist is so important, especially since 10,000 people per day are turning age 65.”

The fund’s first investment was finalized Dec. 31 with the $3.68 million purchase of Big Bethel Village in Atlanta. In addition to Big Bethel Village, the fund is expected to be used to invest in Antioch Tower in Cleveland and Clinton Place in Mt. Clemens, MI, during the first quarter of 2016.

National Church Residences, which provided $5 million for the fund, seeks to deploy the money within three years. NEF is providing $45 million for the fund.

“Thanks to this new ‘quick strive’ financing resource, we can be more responsive to acquisition opportunities,” Norris said.