Candeur Group announced the financial closing of its first community development housing preservation fund.

“Preservation funds are a natural evolution for our company,” said Greg Judge, founder of Candeur Group. “We believe our risk assessment skills are unparalleled and have developed our products to arbitrage perceived risks in affordable housing. The preservation business will allow us to take discretionary investment positions and co-invest our company capital, while providing housing solutions to an underserved affordable housing market.”

The $100 million New England-focused fund aims to preserve affordable rental housing, provide services for residents, and deliver economic benefits to investors. The fund will target opportunities to preserve affordable rental housing for a broader range of incomes than the low-income housing tax credit (LIHTC) program.

Candeur Group has more than $550 million in assets under management, including LIHTC investment funds, preservation funds, general partner ownership positions, and its Community Development Financial Institution.