Alliant Capital announced the closing of two low-income housing tax credit (LIHTC) funds that together raised $281 million to help finance 23 affordable housing developments.
Located in 13 states, the communities include new-construction developments as well as properties that will undergo extensive rehabilitation.
“I am thankful to our investor partners and developer partners who made it possible for Alliant to raise two of our largest multi-investor funds to date,” said Katie Balderrama, executive vice president and group head at Alliant.
“During this unprecedented inflationary environment, addressing our nation’s housing affordability crisis has never been more critical. At $281 million, these funds will have a major impact on more than a dozen communities across the country, helping provide safe, quality, affordable housing and services to hundreds of hard-working veterans, first responders, child care workers, and countless others who represent the heart of our communities.”
The funds are projected to have a combined $414 million economic impact, create more than 2,000 jobs, and bring in $51 million in local tax revenue, according to Alliant Capital, a Walker & Dunlop company.
The funds raised will help provide community services such as resident health and wellness, education and life skills, and essential services. Additional programs include financial literacy courses, food pantries, and after-school and meal delivery programs. Finally, case management, substance abuse treatment, counseling, and referrals to additional services are provided at no cost to the residents.
“Both funds demonstrate Alliant’s commitment to ensure that affordable properties are catalysts for change and highlight the opportunity we have to make a difference by creating affordable housing,” said Drew Foster, managing director of investor relations at Alliant Capital. “Each unit that is created or renovated by this fund will directly impact the life of a family and enhance their community.”
The firm reported a record-breaking first half of 2023, closing on 32 projects with 3,606 units, totaling over $300 million in gross equity.
