Cornerstone Real Estate Advisers announced the closing of a $106 million low-income housing tax credit fund dedicated to the preservation of affordable housing.

The fund is co-sponsored by the National Affordable Housing Trust (NAHT), a nonprofit specialized financial intermediary.

The Cornerstone-NAHT Enhanced Preservation Fund III will help rehabilitate 17 multifamily properties for lower-income, mostly elderly, renters. The properties are located across the country.

The latest effort is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.

Since 1995, Cornerstone has closed nearly $3 billion of affordable housing transactions involving both debt and equity.  As a permanent lender, Cornerstone provides immediate and fixed-rate forward commitments for both taxable loans and tax exempt private placements. As an equity investor, Cornerstone has programs for proprietary fund investing, combined debt and equity structures, and direct investing. It also serves as a fund manager.