Marble Cliff Capital has announced the closing of a $50 million low-income housing tax credit (LIHTC) investment fund with Cincinnati-based First Financial Bank.
This partnership will allow First Financial Bank to deploy Community Reinvestment Act lending and investments strategically across its four-state banking footprint, with several LIHTC projects slated to close into the fund later this year.
"First Financial's mission is to be a positive influence to help our clients and communities thrive," said Roddell McCullough, chief corporate responsibility officer for First Financial Bank. "We are excited to provide an investment to this fund and look forward to helping improve the quality of life for so many through much-needed affordable lending options.”
Since its inception in 2020, Marble Cliff Capital has successfully raised $211 million and closed $103 million in eight LIHTC equity funds with 25 investors.
“First Financial’s commitment to affordable housing development could not have come at a more opportune time,” said Marble Cliff Capital president and founder Jack Kukura. “Marble Cliff Capital’s investor base remains steadfast in its support of the LIHTC program, and this $50 million commitment is a testament to that. The entire Marble Cliff Capital team is excited to get to work on this fund.”