RBC Capital Markets—Tax Credit Equity Group has announced the closing of two low-income housing tax (LIHTC) funds—a $185.9 million national fund and a $53.5 million California fund.
RBC Tax Credit Equity National Fund-28 is the firm’s third multi-investor fund closing in 2018, with total tax credit equity raised through this channel of $397 million.
Nine institutional investors participated in the fund, which will help finance 18 LIHTC-eligible multifamily and senior apartment communities with 2,432 affordable homes. The properties are located in 15 states—Alabama, Arizona, Arkansas, California, Colorado, Georgia, Maryland, Minnesota, Montana, New York, North Carolina, Oklahoma, Pennsylvania, Texas, and Washington.
RBC Tax Credit Equity California Fund-4 will invest in five LIHTC-eligible multifamily and senior apartments with 472 affordable homes in five cities in the state—Delano, Gilroy, Los Angeles, Oxnard, and Simi Valley.
Five institutional investors participated in the fund, including City National Bank, an RBC affiliate, which made a $10 million investment.
RBC Capital Markets—Tax Credit Equity Group provides equity capital by utilizing the federal and state LIHTC, historic tax credit, and renewable energy tax credit programs. Since its inception, it has raised over $9.6 billion of equity for affordable multifamily and senior housing, historic, and new markets developments, and has 936 assets located in 47 states, the District of Columbia, and Puerto Rico, representing 81,965 housing units under administration.
