Source: Fannie Mae / #Multifamily #Apartments
WASHINGTON, DC -Fannie Mae announced it has closed on a $100 million low-income housing tax credit (LIHTC) fund as part of an ongoing effort to provide a reliable source of capital for affordable rental housing and underserved markets. The fund, which will be known as Raymond James Affordable Housing Fund 11 L.L.C., will be managed for Fannie Mae by its partner in the fund, Raymond James Tax Credit Funds, Inc.
The Raymond James Affordable Housing Fund 11 L.L.C. will focus on Hurricane Harvey impacted markets, as well as rural markets and Native American housing, by backing multifamily projects in these underserved areas with funding for rehabilitation and construction. The fund will also work to incorporate resiliency features into properties that are situated in markets subject to flood and storm activity. The fund is expected to make its first investment in the first quarter of 2018.
The Federal Housing Finance Agency (FHFA) has approved Fannie Mae's re-entry into the LIHTC market as an equity investor. Fannie Mae's deep experience, long history, strong leadership, and partnership approach in the LIHTC market positions the company to provide immediate and ongoing support for the production and preservation of affordable rental housing.
"With the Raymond James Affordable Housing Fund 11 L.L.C. we can reach out to underserved markets and have a meaningful impact," said Dana Brown, Vice President, LIHTC Investments, Fannie Mae. "There is a need for capital to help shore up the supply of housing damaged by Hurricane Harvey and other underserved markets. This fund vehicle is an ideal tool to help make this happen and to support affordable multifamily housing overall."
For more information about Fannie Mae's Low-Income Housing Tax Credit program, visit our LIHTC program website