RBC Capital Markets-Tax Credit Equity Group (RBCCM-TCEG) announced the financial closing of a $116 million affordable housing fund.

Valley Community Housing Corp. is developing Parkview Corner, a 40-unit development for seniors in Chambersburg, Pa., with the help of low-income housing tax credit equity from RBC Capital Markets-Tax Credit Equity Group.
Courtesy Valley Community Housing Corp. Valley Community Housing Corp. is developing Parkview Corner, a 40-unit development for seniors in Chambersburg, Pa., with the help of low-income housing tax credit equity from RBC Capital Markets-Tax Credit Equity Group.

RBC Tax Credit Equity National Fund-29 consists of $110.4 million of federal low-income housing tax credit (LIHTC) equity and $5.6 million of Georgia state housing tax credit equity.The Georgia LIHTCs were sold as separate units to a single institutional investor. This represents RBCCM-TCEG’s first national multi-investor fund closing in 2019.

Nine institutional investors, including two new Community Reinvestment Act-motivated bank investors, took part in the fund, which is investing in 15 LIHTC-eligible multifamily and senior apartment communities with 1,253 affordable homes.

The properties are located in Arizona, California, Colorado, Georgia, Hawaii, Illinois, New Hampshire, North Carolina, Pennsylvania, Texas, and Virginia.

A LIHTC syndicator, RBCCM-TCEG has raised more than $10 billion of equity for affordable housing, historic, and New Markets Tax Credit developments.