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Merchants Capital closes $160M tax credit fund for affordable housing

The fund will invest in nine properties across seven states, targeting creation or preservation of more than 1,400 affordable homes.

Reported · Written up by our desk · Industry

Merchants Capital has closed its Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund backed by 10 institutional investors, ConnectCRE reported.

The equity will be used to invest in nine affordable housing properties, with plans to create or preserve more than 1,400 affordable homes across Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah, and Michigan.

ConnectCRE said the investor group includes bank and economic investors, made up of seven repeat and three new participants in the firm’s tax credit platform.

Merchants Capital attributed the closing to investor relationships and said its capital raise has now surpassed $3 billion since the platform launched five years ago, according to ConnectCRE.

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