Associated Community Development, the community development group of Associated Bank, has made an $8 million equity investment in a multi-investor fund managed by Raymond James Multi-Family Finance.
The fund, which is expected to raise from $85 million to $125 million, is designed to maintain affordability in the housing market through the ownership of stabilized affordable properties for a period of three to 10 years. All projects will have a majority of units with monthly rental rates that are affordable to households earning 80 percent AMI or less.
The fund will partner with developer general partners with signification low-income housing tax credit experience and strong affordable housing proeprty management experience.
The Associated Bank team involved included Charlie Cafazza, Teresa Rubio and Stefanie Bachrach. Bachrach will manage the investment on behalf of ACD.