Freddie Mac headquartersMcLEAN, VA–Freddie Mac closed its first Low-Income Housing Tax Credit (LIHTC) Fund with Enterprise Community Investment and made its first equity investment within that fund. The closing marks Freddie's re-entry to the LIHTC, sometimes called the Housing Credit market.
The $100 million fund will invest nationwide, focusing on underserved areas such as rural communities, 4% LIHTC financing, and developments that provide supportive services to their residents, such as health care and job training. Since 1982, Enterprise has invested $12.8 billion in LIHTC equity to finance more than 150,000 homes.
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Freddie Mac hopes to close more than $400 million in deals this year and its maximum of $500 million next year via a variety of funds with different partners, according to David Leopold, vice president for Targeted Affordable Sales & Investments. “This is one of several funds we have closed,” he tells GlobeSt.com. The funds are different flavors of the same goal — that is, finding and closing transactions that meet the GSE's investment guidelines. It is a different approach than investing in a multi-investor fund.
The $400 million it hopes to close this year — for roughly a total of 30 deals — will be split among approximately five funds.
The investment Freddie Mac made through the Enterprise fund is for $8.2 million in Wintergreen West, which will provide 40 apartment homes for residents of Summit County, CO, a rural area 75 miles west of Denver.
Earlier this year Fannie Mae launched its first LIHTC fund, partnering with Raymond James Tax Credit Funds for the $100 million offering.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
