CharterMac Capital Closes LIHTC Funds

CharterMac Capital, a subsidiary of New York-based CharterMac, closed three low-income housing tax credit funds totaling nearly $386 million in the third quarter, according to CharterMac.Two of the three funds, representing over $175 million of equity, were credit-intermediated funds in which the investor receives a guaranteed rate of return, CharterMac reported. The credit intermediation was provided by IXIS Financial Products Inc. The third fund, CharterMac Corporate Partners XXXIII LP is expected to consist of LIHTC investments in approximately 25 properties around the country, Charter Mac said. The fund was sold to six institutional investors. So far this year, CharterMac Capital has raised over $800 million of equity for investments in LIHTC funds, according to the company. CharterMac can be found online at http://www.chartermac.com.