Raymond James Tax Credit Funds (RJTCF) announced that it has partnered with Nationwide to provide more than $12 million in low-income housing tax credit (LIHTC) equity for a new affordable housing development in Madison, Wis.

The 96-unit Hilldale Lofts is under construction in a mixed-use area west of downtown Madison and the University of Wisconsin campus.

Madison-based Stone House Development, Inc., an active LIHTC developer since 1996, is leading the project, which will offer 43 one-bedroom, 43 two-bedroom, and 10 three-bedroom affordable units.

Hilldale Lofts is the third collaboration between RJTCF and Stone House.

Funding was provided through the sale of LIHTCs awarded by the Wisconsin Housing and Economic Development Authority (WHEDA), syndicated by RJTCF and purchased by Nationwide.

WHEDA provided a construction loan, and Enterprise Mortgage Investments provided additional financing.