BETHESDA, M.D.--(BUSINESS WIRE)--Alliant Capital, a Walker & Dunlop, Inc. company, announced today the closing of two Section 42 Housing Tax Credit Investment Funds that together raised $281 million in equity investments with help from 13 investor partners and 17 developer partners. The two funds are projected to make a combined $414 million economic impact, create over 2,000 jobs, and bring in $51 million in local tax revenue.
Combined, the funds are composed of 23 properties in 13 states throughout the country. The communities range from new construction to existing properties set to go under extensive and substantial rehabilitation. Additionally, many properties will also include "green" features focusing on sustainability through eco-friendly design, LEED Platinum-rated buildings, and water-conscious landscaping.
"I am thankful to our investor partners and developer partners who made it possible for Alliant to raise two of our largest multi-investor funds to date," said Katie Balderrama, executive vice president and group head at Alliant. "During this unprecedented inflationary environment, addressing our nation's housing affordability crisis has never been more critical. At $281 million, these funds will have a major impact on more than a dozen communities across the country, helping provide safe, quality, affordable housing and services to hundreds of hard-working veterans, first responders, childcare workers, and countless others who represent the heart of our communities."
The funds will provide community services such as resident health and wellness, education and life skills, and essential services. Additional programs include financial literacy courses, food pantries, and after-school and meal delivery programs. Finally, case management, substance abuse treatment, counseling, and referrals to additional services are provided at no cost to the residents.
"Both funds demonstrate Alliant's commitment to ensure that affordable properties are catalysts for change and highlight the opportunity we have to make a difference by creating affordable housing," said Drew Foster, managing director of Investor Relations at Alliant Capital. "Each unit that is created or renovated by this fund will directly impact the life of a family and enhance their community."
In a record-breaking first half of 2023, Alliant closed 32 projects with 3,606 units, totaling over $300 million in gross equity. These developments will provide essential affordable housing to individuals and families throughout the United States. The combined economic impact of these communities is over $1 billion through the combined contribution of apartment construction, renovation and repair, operations and resident spending.
Alliant Capital, a Walker & Dunlop company, is the nation’s eighth largest LIHTC syndicator. Today, Alliant Capital's portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Combined with Walker & Dunlop's affordable housing financing solutions, the partnership is a market-leading affordable housing platform that addresses the financing, sale, and preservation of affordable housing nationwide. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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