RBC Capital Markets Tax Credit Equity Group announced the closing of its latest low-income housing tax credit fund that will invest in 21 developments with 1,747 affordable housing units.
RBC Tax Credit Equity National Fund—24 has a total tax credit equity of $195.3 million, including $1.2 million of California state tax credit equity.
Ten institutional investors are taking part in the fund, including three new investor clients, along with a $10 million direct investment by RBC and a $15 million investment by City National Bank, an RBC affiliate.
The family and senior apartment communities are in the following 13 states—Arizona, California, Connecticut, Florida, Georgia, Massachusetts, New Hampshire, New York, South Carolina, Texas, Washington, West Virginia, and Wisconsin.
RBC Capital Markets Tax Credit Equity Group has raised $7.2 billion of equity for affordable multifamily and senior housing as well as historic and New Markets Tax Credit developments, and has 849 assets and over 72,000 housing units under administration.