NEW YORK CITY-Centerline Capital Group said Wednesday it has closed on its Centerline Corporate Partners XXXVIII LP, a $119.25-million, multi-investor Low-income Housing Tax Credit fund. The closing of CCP 38 brings the tally of aggregate equity capital raised by Centerline-sponsored LIHTC funds to $10.1 billion across its 136 investment funds over the 25-year history of the LIHTC program.

CCP 38 marks the first Centerline-managed multi-investor LIHTC fund raised since the company’s restructuring and recapitalization was completed last March. “We have an excellent lineup of developer and investor partners,” Robert Levy, Centerline’s president, COO and CFO, says in a release. He adds that the fund was oversubscribed by 20%.

Limited partnership interests in CCP 38 were sold to eight institutional investors, according to the release. Six are repeat Centerline fund investors, while the other two are first-timers.

Centerline says the fund’s $119.25 million in equity proceeds will be used, along with other project-level financing sources, to produce and/or preserve more than 1,300 units of affordable rental housing spread across 16 projects located in 10 states. The company, which focuses on multifamily investing and lending, has financed affordable housing in 47 states, Washington, DC and Puerto Rico.