Merchants Capital has announced the closing of its latest low-income housing tax credit fund that will help create or preserve more than 2,400 affordable homes in 12 states.
Merchants Capital Tax Credit Equity Fund X represents the company’s second and largest national multi-investor fund with a total capital raise of $180 million from 15 institutional investors, including eight repeat and seven new investors.
The fund will infuse equity into 18 affordable housing properties in California, Connecticut, Illinois, Indiana, Michigan, Mississippi, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, and Texas.
“With an average rent discount to market of 34%, the affordable homes supported by Merchants Fund X offer families a meaningful boost in quality of life that would not be possible without the creativity, dedication, and hard work of our investor and development partners,” said Julie Sharp, executive vice president at Merchants Capital.
“With more than $30 billion in capital provided to multifamily housing since inception, our company has emerged as a leading debt and equity provider for affordable housing across the United States,” said Linda Hill, executive vice president of tax credit equity at Merchants Capital. “We remain focused on financing quality, safe affordable housing through a variety of debt and equity executions across the United States.”
