Hunt Capital Partners (HCP) announced the financial closing of its latest national low-income housing tax credit fund.
The $116.6 million Hunt Capital Partners Fund 37 (HCP 37) will provide equity to finance the rehabilitation or new construction of 16 affordable housing developments—13 family and three senior communities across nine states.
Upon completion, the developments will contain more than 1,500 homes. About 20% will serve families and seniors earning less than 40% of the area median income (AMI), and an additional 45% will be for those earning less than 50% of the AMI.
“Amidst a changing market environment, Hunt Capital Partners is continuing its commitment to fostering public/private partnerships that lead to the creation and preservation of affordable housing,” said Amy Dickerson, HCP managing director. “HCP 37 was underwritten during the COVID-19 pandemic. In a time where the need for affordable housing is more critical than ever, we are grateful to our investor and developer partners for their commitment to affordable housing and for working together remotely to successfully close this fund.”
HCP 37 closed in June with nine financial institutions participating as investor partners, seven of which were repeat partners. Community Reinvestment Act investor partners contributed 59% of the fund equity.
To date, HCP, the tax credit syndication division of Hunt Cos., has raised over $2.2 billion in tax credit equity in over 40 proprietary and multi-investor funds. The firm manages nearly 800 project partnerships, representing over 80,000 homes in 51 states and territories.
