Raymond James Tax Credit Funds (RJTCF) has completed syndication of a $167 million low-income housing tax credit (LIHTC) fund that will provide equity for the construction or rehabilitation of 14 affordable housing developments in California.
The Raymond James California Housing Opportunities Fund V was fully subscribed with 11 investors.
The 1,217 total housing units being created consist of both new construction and acquisition/rehab properties targeting families, seniors, and special-needs populations, including veterans, chronically homeless persons, and youths transitioning out of foster care.
The developments are located in Humboldt, Los Angeles, Riverside, San Bernardino, San Diego, San Francisco, Sonoma, and Ventura counties.
“This represents our fifth California fund closed over the past five years and is our largest regional fund closed thus far,” said Kevin Kilbane, managing director of West Coast acquisitions for RJTCF. “The size and success of this fund exemplifies our ongoing commitment to work with our developer and institutional investor partners to create high-quality and safe affordable housing throughout California.”
RJTCF, a leading national LIHTC syndicator, has provided nearly $700 million in tax credit equity to fund over 70 affordable housing developments throughout California since 2010.