Homestead is a nonprofit syndicator that forms investment partnerships with major corporations, reinvests the capital it raises in high-quality affordable housing projects, and delivers tax credits to the investors. Congress created the tax credit program in 1986 to provide incentives for private investment in multi-family affordable housing projects.
The latest funds were marketed to community banks. Partners in the funds include: Washington Federal Savings, Banner Bank, Sterling Savings Bank, Columbia Bank, Pacific Northwest Bank, Cashmere Valley Bank, Washington First International Bank, American Marine Bank, Cowlitz Bancorporation, The Commerce Bank of Washington, and Bank of the Pacific.
"We are grateful to the community banks who participated in this fund," says Deborah Saweuyer-Parks, president and CEO of Homestead Capital. "They share our commitment to providing housing for people who struggle to afford a decent place to live. Our equity funds give these banks an opportunity to invest in communities close to home."
Homestead Capital also recently closed a similar community bank fund in Oregon that raised $10.5 million. In the fiscal year ending June 30, 2003, Homestead Capital raised a total of $75 million in tax credit equity investments. Since it was established in 1993, Homestead has raised almost $250 million, which has been used to fund approximately 2,500 units of affordable housing for low-income families in the Pacific Northwest.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
