Freddie Mac and National Equity Fund has made three Low-Income Housing Tax Credit Fund investments. The funding was made through a fund that the two organizations just opened.
They will help provide supportive housing for individuals experiencing homelessness and populations displaced by natural disasters:
- Aiding those displaced by Hurricane Harvey:A $15 million LIHTC equity investment in Houston’s New Hope Housing’s Dale Carnegie development will provide high quality housing and supportive services to 170 individuals and families displaced by Hurricane Harvey.
- Addressing homelessness on Skid Row:A $19.6 million LIHTC equity investment in Skid Row Housing Trust’s Flor 401 Lofts development in Los Angeles will serve nearly 100 veterans and special needs individuals experiencing homelessness with both housing and supportive services.
- Serving homeless veterans in South Los Angeles:A $26.5 million LIHTC equity investment in Hollywood Community Housing’s Florence Mills Apartments will help provide supportive housing in South Los Angeles--an area with a very high homeless rate. Fully 13 of the 74 units will be designated for homeless veterans.
“National Equity Fund has a more than 30-year track record of making investments that help the most underserved communities, and Freddie Mac is very proud to aid that mission through one of our LIHTC Equity funds,” said David Leopold, vice president of Targeted Affordable Sales and Investments at Freddie Mac. “The investments we have made through the fund thus far are making a home possible for those displaced by Hurricane Harvey and individuals experiencing homelessness in some of the most housing-challenged communities in the country.”
The closing marks Freddie Mac’s fifth LIHTC fund since re-entering the market in 2018, and the first fund managed by National Equity.
