The Midwest Housing Equity Group, Inc. (MHEG), announced it will be syndicating low-income housing tax credits in six additional states beginning this year.
The firm plans to expand into Arkansas, Colorado, Minnesota, Missouri, South Dakota, and Texas. These new states were selected in part due to their need for quality housing partners, their proximity to one of MHEG's four regional offices, and their similarity to markets currently served, according to the firm.
"It gives us the opportunity to grow relationships with our existing partners, develop new relationships with other great housing agencies, developers, and investors that do business in these states, and, ultimately, it gives us the opportunity to do what we do best—change people's lives for a better tomorrow by promoting the development and sustainability of quality affordable housing," said John Wiechmann, president and CEO, in a statement.
The nonprofit syndicator has been known for operating equity funds in Nebraska, Kansas, Iowa, and Oklahoma.
To date, MHEG has invested more than $900 million of equity into affordable rental housing, creating more than 9,600 units of affordable housing.