May 19, 2021, Affordable Housing Finance - Red Stone Equity Partners announced the closing of a $207 million multi-investor low-income housing tax credit (LIHTC) fund, the firm’s largest fund to date. The fund proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 1,600 units of affordable rental housing at 23 properties in 11 states.
With the closing of Fund 84, Red Stone Equity has raised more than $340 million of LIHTC equity capital thus far in 2021, noted officials.
"We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which comes at a critical time as our nation confronts a growing affordable housing crisis," said Ryan P. Sfreddo, president of Red Stone Equity. "Prior to the onset of COVID-19, more than one in four renter households in the U.S.—roughly 12 million households—were spending more than half of their income on rent, leaving far too little for other necessities like food, medical care, and transportation.
"COVID-19 has only exacerbated this crisis as it has had a disproportionate impact on low- and moderate-income households and on communities of color. We are proud to have executed on the Fund 84 closing for our investor and developer clients, but more importantly for the thousands of hardworking families, veterans, people with special needs, teachers, nurses, firefighters, police officers, and seniors it will help to house."
Red Stone Equity is a leading national real estate investment firm focusing on the syndication of LIHTCs and renewable energy tax credits, with offices in Boston; Charlotte, North Carolina; Chicago; Cleveland; Los Angeles; New York; and San Diego.
With more than $6.7 billion of tax equity raised and under management, the company has financed the development of nearly 50,000 units of affordable housing across more than 532 properties in 44 states, the District of Columbia, and Puerto Rico.