Berkadia has closed on a $100 million low-income housing tax credit (LIHTC) fund.
The company announced that Berkadia Housing Partnership XV 2025 will help finance the development and rehabilitation of 434 affordable housing units across six properties in five states—California, Colorado, Maryland, Virginia, and Rhode Island.
“The closing of the Berkadia Housing Partnership XV 2025 LIHTC fund is evidence of the industry’s continued investment in the LIHTC program, which boosts local economies, enhances communities, and changes peoples’ lives for the better,” said David Leopold, executive vice president and head of Berkadia Affordable Housing. “We are grateful for our partnerships with these new and repeat investors and developers, and the opportunity to deliver capital in markets that are very much in need of housing that is affordable.”
The fund is comprised of six investors from the banking and insurance industries and six experienced nonprofit and for-profit housing developers. The four new-construction and two rehabilitation developments will provide housing for families and seniors earning between 30% and 80% of the area median income.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication.