Alliant Closes Pair of Tax Credit Funds
The investment vehicles raised $281 million backing 23 properties.
Walker & Dunlop-owned Alliant Capital has closed two Section 42 Housing Tax Credit Investment Funds. The investment vehicles raised a total of $281 million from 13 investor partners and 17 developer partners.
The funds include 23 properties in 13 states across the U.S., including new projects and existing assets, some of which will undergo extensive renovations. Some of the properties will incorporate features promoting sustainability through ecofriendly design, LEED Platinum-rated buildings and water-conserving landscaping.
“The interest rate environment has been challenging for the properties in which our funds invest,” Katie Balderrama, executive vice president and group head at Alliant, told Multi-Housing News. “However, our amazing relationships with developers and investors as well as our fantastic staff has allowed us to find creative solutions to solve problems and enable the creation of the 23 affordable housing projects.”
Among the challenges the company faced were macroeconomic headwinds, Balderrama noted. “The regional bank crisis earlier this year significantly impacted our bank investor clients and we have worked closely with our partners to ensure that we met all of our investor clients’ changing needs.”
The properties the fund will invest in will offer community services, including financial literacy courses, food pantries and after school and meal delivery programs. Case management, substance abuse treatment, counseling and referrals to additional services will also be available at no cost.