NEW YORK, N.Y.—Centerline Capital Group recently closed a $119.3 million multi-investor low-income housing tax credit (LIHTC) fund.
With the closing of Centerline Corporate Partners XXXVIII LP, Centerline has raised more than $10 billion in aggregate LIHTC capital since the beginning of the program in 1986.
The fund is also the first Centerline-managed multi-investor fund since the company completed its March 2010 restructuring and recapitalization.
“We have an excellent lineup of developer and investor partners,” said Robert L. Levy, president, COO, and CFO, in a statement. “And, the fund was oversubscribed by nearly 20 percent, showing strong demand for our product and institutional support for Centerline’s platform.”
Eight institutional investors, including six repeat Centerline fund investors, took part in the latest fund.
The equity will be used to produce or preserve more than 1,300 affordable housing units in 16 properties in 10 states.