REAL ESTATE NEWS

Hunt Capital Partners will invest in affordable housing in several states across the U.S after raising capital from its Tax Credit Fund 52. So far, the pool has attracted $175.3 million to date, while targeting a total of $277.1 million.

The fund will invest in 1,540 affordable homes. This includes newly constructing, redeveloping or rehabilitating 1,002 units, while preserving 538 existing affordable units. This is spread across 18 properties and 10 states: California, Arizona, Texas, Ohio, Georgia, Florida, Hawaii, Colorado, Idaho and Utah.

All the homes are set aside for those earning between 30 and 80 percent of the area's median income, with seven developments supported by Section 8 vouchers. One of the sites has been identified as Amasa Apartments by Ivan Carroll, a project in Moab, Utah. The 50-unit affordable homes range from two to four bedrooms. Some units are reserved for former homeless individuals, those with special needs and victims of domestic violence.

"Families across the county face a severe shortage of affordable housing," Hunt Capital Partners Managing Director of Investor Relations and Funds Management John Lee, said in a statement.

"Fund 52 is helping to meet this critical need by creating homes priced up to 85% below the average market rents for comparable units. We extend our deepest gratitude to our investors and development partners. Their vision, passion, and commitment helped make Fund 52 a reality. Together, they are not only fueling the creation of affordable homes but also strengthening communities and providing families with stability and the ability to focus resources on essentials like healthcare, education, and food."

In addition to providing shelter, data from the National Association of Home Builders shows that Fund 52 is expected to provide a significant boost to regional economies. This includes $4.6 billion in direct wages to workers, creating over 74,000 new jobs and $79.6 million in tax revenue.

Hunt Capital has raised more than $4.1 billion in tax credit equity through 49 proprietary and multi-investor funds since 2010. Also, the company represents more than 80,000 homes in 48 states and territories through the management of nearly 800 project partnerships.

Source: GlobeSt/ALM