RBC Capital Markets Tax Credit Equity Group announced the closing of a $263.2 million low-income housing tax credit (LIHTC) fund. It is the firm’s largest LIHTC fund to date.
RBC Tax Credit Equity National Fund—23 is investing in 25 family and senior apartment communities with 3,257 affordable housing units. The properties are in 15 states—Arizona, California, Florida, Georgia, Illinois, Indiana, Massachusetts, Nebraska, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas, Washington, and Wisconsin.
Thirteen institutional investors, including four new investor clients, are participating in the fund. There is also a $21.9 million direct investment by RBC, according to Tony Alfieri, managing director.
RBC Capital Markets Tax Credit Equity Group has raised $6.8 billion of equity for affordable multifamily and senior housing, historic, and New Markets Tax Credit developments, and has more than 830 assets and nearly 70,000 housing units under administration.