Hunt Capital Partners (HCP) has raised $193.5 million in its latest low-income housing tax credit (LIHTC) fund.
The recently closed fund will invest in 16 communities nationwide, creating 1,291 affordable homes for low-income families and the unhoused, announced the firm.
Hunt Capital Partners Tax Credit Fund 51, HCP’s largest multi-investor fund closed to date, features three new developers and four new investors
It will support a range of new construction, acquisition/rehab, and historic rehab projects, adding 778 homes to the country’s affordable housing stock while preserving the affordability of 513 homes.
The homes will be available to residents earning between 30% and 70% of the area median income (AMI), as well as utilize various rental subsidies to ensure that even the lowest income renters can afford housing.
In addition, the developments will dedicate units to groups such as veterans, individuals with disabilities, those struggling with substance abuse, people living with HIV/AIDS, and youths aging out of foster care.
One notable project, The Vineyards at Cabot Phase II, will deliver 48 affordable homes for families earning up to 30%, 40%, 50%, and 60% of the AMI in Cabot, Arkansas. Residents at the property by Garth Development will benefit from rent savings of up to 67% compared with market rents, offering housing security and the flexibility for families to spend on other vital needs such as health care, education, and food.
"Hunt Capital Partners is committed to supporting families and seniors nationwide by creating safe, affordable housing with our developer and investor partners. We are grateful for the three new developers and four new investors who joined us this year, as well as the city and state organizations that provided vital support to bridge financing gaps," said Hunt Capital Partners chief operating officer Amy Dickerson. "Public-private partnerships like these are crucial to advance the availability of affordable housing for those in need. The patience and tenacity required to solve capital stack challenges has been evident throughout this year, and we couldn’t be more appreciative for all who work to find the solutions.”
Another development is Mercy Village by Miami-based nonprofit Carrfour Supportive Housing. It will provide 59 units of permanent supportive housing for low-income families and the unhoused in Ocala, Florida. Residents will have access to free, on-site services that are recovery-oriented and rooted in best practices such as Housing First and trauma-informed care. Services include hands-on employment search, placement assistance, job interview techniques, budgeting classes, mental health and medical services, and recovery support.
