RBC Capital Markets Tax Credit Equity Group announced the closing of RBC Tax Credit Equity National Fund—22 with total equity of $161,369,485 and participation from eight institutional investors, including a $20 million direct investment by RBC.
The fund will comprise investments in 19 low-income housing tax credit (LIHTC) eligible apartment communities—13 multifamily and six senior properties, representing 1,520 units of affordable housing.
The developments are in California, Colorado, Florida, Indiana, Iowa, Massachusetts, Michigan, Missouri, New Hampshire, North Carolina, North Dakota, Pennsylvania, South Carolina, Texas, and Washington.
"The creation of 1,520 units of affordable housing is exciting, especially given the current need for more affordable units across the U.S.,” said Tony Alfieri, managing director of the firm’s Tax Credit Equity Group. “RBC would like to say thank you to our developer and investor partners who helped make NF-22 such a success.”
He noted that that the fund represents the first side-by-side fund investment by RBC.
RBC Capital Markets Tax Credit Equity Group has raised $6.4 billion of equity for affordable multi-family and senior housing, historic and new markets developments, and has 812 assets under administration representing in excess of 68,000 housing units.