Marble Cliff Capital has worked with First Financial Bank to close a $100 million low-income housing tax credit investment fund.
The partnership will allow Cincinnati-based First Financial Bank to deploy Community Reinvestment Act lending and investments strategically across its five-state banking footprint, with several LIHTC projects slated to close into the fund later this year.
“First Financial is excited to again partner with Marble Cliff on this important fund,” said Roddell McCullough, chief corporate responsibility officer for the bank. “By providing affordable lending and investment solutions through Marble Cliff Capital, we can make quality housing a reality for more of our neighbors, helping families and our communities to thrive.”
Approximately eight to 12 affordable housing developments with about 500 units will be supported by the new fund.
“This fund will have a profound and lasting impact, providing safe, quality homes for countless individuals and families throughout First Financial Bank’s communities, and represents a significant step forward in our shared mission to build stronger, more inclusive neighborhoods,” said Jack Kukura, president of Marble Cliff Capital.
This is the second collaboration for the companies. In 2023, the parties closed a $50 million LIHTC equity investment fund that financed 204 units of affordable housing across First Financial Bank’s footprint.
Since its inception in 2020, Marble Cliff Capital has raised $409 million and closed $268 million in 16 LIHTC equity funds with 43 investors. Its LIHTC portfolio stretches across 11 states and includes 1,790 units of affordable housing.