Merchants Capital has announced the closing of a $160 million low-income housing tax credit fund that will help finance more than 1,400 affordable homes.
Merchants Capital Tax Credit Equity Fund 31 will support nine properties in Connecticut, Kentucky, Michigan, Ohio, Pennsylvania, Rhode Island, and Utah. The investors included both bank and economic investors and included seven repeat and three new investors to the Merchants Capital tax credit platform.
“The successful closing of Fund 31 reflects the strength of the relationships we have built with our investor partners and their continued confidence in both our firm and the mission of affordable housing,” said Ryan Thompson, senior vice president of syndications and investor relations at Merchants Capital.
The firm’s capital raise, which has now surpassed $3 billion since the platform launched five years ago, comprises approximately $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments, and $91 million in state credit syndications.
“Together with our partners, our investments have supported construction and preservation of more than 24,600 units of affordable housing in 31 states across more than 200 properties,” said Julie Sharp, president of equity investments at Merchants Capital.