Freddie Mac closed its first Low-Income Housing Tax Credit (LIHTC) Fund with Enterprise Community Investment Inc. and its first equity investment within that fund, which will provide up to $100 million in targeted affordable housing investments. This marks the government-sponsored enterprise’s return to the LIHTC market, which focuses its financing on affordable rental housing.
The fund’s first project is an $8.2 million investment in Wintergreen West, which will provide 40 apartment homes for residents of Colorado’s rural Summit County. The housing units range from one- to three-bedrooms and will be available to people making between 30 and 60 percent of the area’s median income.
“We are pleased to announce our first Low Income Housing Tax Credit fund in nearly a decade, and the first transaction as part of that fund,” said David Leopold, Freddie Mac
’s vice president for targeted affordable sales and investments. “This transaction with Enterprise is the first of many investments that will provide highly targeted affordable housing to some of the most underserved communities in the country.”
“This fund restarts a crucial partnership for producing well-designed, affordable homes,” said Charlie Werhane, president and CEO at Enterprise Community Investment
. “We look forward to working with Freddie Mac to provide homes that create opportunity for low- and moderate-income people in diverse, thriving communities.”