National Equity Fund, Inc., reported closing a $76 million low-income housing tax credit fund.
The multi-investor fund includes capital from JPMorgan Chase, U.S. Bank, Wells Fargo, Key Bank, Comerica, and Harris Bank.
The fund is expected to invest in about 13 new construction and rehabilitation projects in Arizona, California, Illinois, Iowa, Missouri, New Mexico, New York, Oregon, Texas, and Wisconsin. The projects will provide 1,000 units of affordable housing and create an estimated 1,900 jobs.
“Economic conditions are still negatively impacting the LIHTC market,” said Joe Hagan, NEF president and CEO. “But, we are making significant progress with both new and traditional investors and expect to have a solid year in spite of the ongoing challenges.”