Related Closes LIHTC Fund

Related Capital, a subsidiary of New York-based CharterMac, has closed a $225 million corporate tax credit fund."The closing of this fund illustrates the continued investor demand for investments in Low-Income Housing Tax Credits," said Marc D. Schnitzer, Related's chief executive officer. "This fund alone represents almost 25% of Related Capital's budgeted volume for the year." The fund, in which seven institutional investors have invested, represents LIHTC investments in more than 30 properties in 15 states nationwide, Charter Mac said. So far this year, Related has raised over $359 million in gross equity, which is 53% ahead of the amount raised in the same period of 2003, according to the company. This is the largest fund of its kind ever closed by Related, Charter Mac said.