Raymond James Tax Credit Funds (RJTCF) has completed the syndication of a $98 million low-income housing tax credit (LIHTC) fund that is providing financing for the construction or rehabilitation of affordable housing throughout California.
The Raymond James California Housing Opportunities Fund IV was fully subscribed with 12 investors.
The fund is financing the development of approximately 850 units in 12 affordable housing developments located in the following counties: Humboldt, Los Angeles, Orange, Riverside, Sacramento, San Diego, Santa Clara, Sonoma, and Ventura.
“Our success in funding affordable housing developments through our California CRA [Community Reinvestment Act] funds is a direct result of the strong developer and investor relationships we maintain and foster,” said Kevin Kilbane, managing director of West Coast acquisitions for RJTCF. “As we close our fourth California fund in four years, we are working hard on our fifth California fund and expect to launch that fund in the coming months.”
RJTCF, a national housing tax credit syndicator, has provided nearly $500 million in LIHTC equity to fund over 50 affordable housing developments throughout California since 2010.