RBC Capital Markets Tax Credit Equity Group has closed a $146.4 million low-income housing tax credit (LIHTC) equity fund.

Victoria Gardens, a mixed-income development under construction in Waterford, Conn., is among the developments in RBC Tax Credit Equity National Fund-26. The three-story, elevator-serviced building will include 90 units—72 low-income housing tax credit and 18 market-rate homes—for seniors. Eighteen units will target households with incomes up to 25% of the area median income to serve as supportive housing for chronically homeless individuals, with two of those units having a priority for veterans. The community is being developed by Waterford Development Associates, a joint venture between Merit Properties and LaRosa Building Group.
Victoria Gardens, a mixed-income development under construction in Waterford, Conn., is among the developments in RBC Tax Credit Equity National Fund-26. The three-story, elevator-serviced building will include 90 units—72 low-income housing tax credit and 18 market-rate homes—for seniors. Eighteen units will target households with incomes up to 25% of the area median income to serve as supportive housing for chronically homeless individuals, with two of those units having a priority for veterans. The community is being developed by Waterford Development Associates, a joint venture between Merit Properties and LaRosa Building Group.

RBC Tax Credit Equity National Fund-26 represents the firm’s third closing of a multi-investor, multi-property national fund in 2017.The fund will help finance 16 LIHTC-eligible multifamily and senior apartment communities, representing 1,349 units of affordable housing in 10 states: Arizona, California, Connecticut, Georgia, Maryland, Massachusetts, Minnesota, New York, South Carolina, and Texas.

Nine institutional investors participated in RBC Tax Credit Equity National Fund-26. RBCCM's commitment in the fund is evidenced by its own $3.3 million direct investment and a $7.2 million investment by City National Bank, an RBC affiliate.

“RBCCM Tax Credit Equity Group is pleased to close our third national fund this year,” says Tony Alfieri, managing director. “The prospect of tax reform creates uncertain times‎, and we utilized a unique structuring mechanism that protects our investor clients against downside tax rate risk. We thank our developer and investor clients for their trust and look forward to opportunities to provide specialized solutions in the current environment.”

RBC Capital Markets Tax Credit Group has raised a total of $750 million in tax credit equity so far in 2017, with $378 million from the three national fund closings.