The latest Low-Income Housing Tax Credit fund will create nearly 1,800 affordable apartments across 10 states.
Enterprise Housing Credit Investments has closed Enterprise Housing Partners Fund XXXIV (EHP 34), a nearly $200 million multi-investor Low-Income Housing Tax Credit fund that will create nearly 1,800 affordable homes in 10 states.
EHCI said EHP 34 is the first of four multi-investor funds planned this year with two expected to close in the first half of the year and the final two later in the year. The national nonprofit noted EHP 34 closed on Feb. 12, marking the earliest in the year EHCI has closed a multi-investor fund. EHP 34 has seven investors, including major national and regional banks, most of which are repeat investors with EHCI.
One of the properties serving people aged 55 and up is Agrihood, a 163-unit senior affordable development with a focus on sustainable agriculture in Santa Clara, Calif., that received a $40 million investment from EHP 34. The Core Cos. is developing the property in partnership with the Central Valley Coalition for Affordable Housing. Eighteen apartments will be set aside and accessible for people with mobility impairments; eight for people with hearing and/or visual impairments; and 54 for formerly homeless individuals. Supportive services will be provided to all tenants. Agrihood is part of a larger master development of mixed-income rental housing and homeownership units that will include farming plots, a small orchard, community building with café and a plaza where a farmers’ market will be hosted.