Alliant Capital has closed Fund 103, a $65 million low-income housing tax credit fund. Fund 103 will support the development of approximately 650 units of affordable housing for seniors and families. While fundraising began well before the pandemic hit, the fund will focus on some of states that have been the hardest hit by the pubic health event, including Arizona, Texas, North Carolina and Florida.

"We do multiple funds every year, and we have multi-fund investors and we have proprietary single-investor funds," Dudley Benoit, EVP at Alliant Capital, tells GlobeSt.com. "This was an investor we had done a proprietary fund with before, and it had already been well in the works by the time the pandemic hit. These funds, generally speaking, take months to put together. So the fund was not the result of the pandemic, but it just happened to coincide."

While the four states targeted by the fund were selected prior to the pandemic, Benoit says that it isn't surprising they are also the states hit the hardest by the pandemic and in the greatest need of affordable housing development. "What we do in the affordable housing space is countercyclical, meaning that whenever there is economic strife or difficultly, we know that homeownership rates decline and the need for affordable housing is even greater," he explains.