Berkadia has announced the closing of a $70 million multi-investor low-income housing tax credit (LIHTC) fund that will support the creation of 312 affordable homes in California.

The Berkadia Affordable Housing West Coast Partners 2021 fund includes six institutional investors. Four properties are in the fund, and they will serve residents earning between 30% and 60% of the area median income in Los Angeles, Riverside, and Sonoma counties.

“Berkadia has made significant investments to tackle the affordable housing crisis and to be a leader in the market,” said David Leopold, senior vice president and head of Berkadia Affordable Housing. “The closing of this fund exemplifies our commitment to this mission.”

The funding comes at a time when the state is experiencing an affordable housing crisis. California has a shortage of more than 960,000 rental homes that are affordable and available for extremely low-income households, according to the National Low Income Housing Coalition in its 2021 report “The Gap: A Shortage of Affordable Homes.”

“We are grateful for our partnerships with new and repeat investors of this fund and the opportunity to deliver capital that will provide safe, affordable homes to families in California,” said Marge Novak, senior vice president and head of capital markets for Berkadia Affordable Housing’s tax credit syndication business.

With over $1 billion of active tax credit syndications in its portfolio, Berkadia’s LIHTC syndication team has helped finance the development of more than 9,470 units of affordable housing across more than 97 properties. In 2020, Berkadia had more than $2.46 billion in affordable housing transaction volume across its three business lines comprised of mortgage banking, investment sales, and tax credit syndication.