ST. PETERSBURG, Fla. – Raymond James Tax Credit Funds (RJTCF), a leader in the Low Income Housing Tax Credit (LIHTC) market for more than 25 years, is partnering with Nationwide to provide over $12 million in LIHTC equity for the construction of a multifamily housing development in Madison, Wisc.
Construction has begun on Hilldale Lofts, a 96-unit multifamily development located at the southeast corner of University Avenue and Segoe Road in a mixed-use area west of downtown Madison and the University of Wisconsin campus. The project will offer 43 one-bedroom, 43 two-bedroom and 10 three-bedroom rental units to qualified, low-income residents.
“Hilldale Lofts is a market rate quality project with first rate amenities and leading energy efficient features,” said Kevin Kilbane, Managing Director of West Coast Acquisitions for Raymond James Tax Credit Funds. “The project serves as a prime example of what can be accomplished in the area of affordable housing when the right partners work together.”
Madison-based Stone House Development, Inc., an active LIHTC developer since 1996, is leading the project. Stone House has developed 17 LIHTC properties with more than 900 total units, including historic rehabilitation projects, new multifamily and senior housing properties, and mixed-use infill projects in downtown Milwaukee and Madison. Hilldale Lofts represents the third collaboration between RJTCF and Stone House Development.
Funding for this project is made possible through the sale of LIHTCs awarded by the Wisconsin Housing and Economic Development Authority, syndicated by Raymond James Tax Credit Funds, and purchased by Nationwide. The Wisconsin Housing and Economic Development Authority (WHEDA) provided a construction loan, and Enterprise Mortgage Investments provided additional financing.
About Raymond James Tax Credit Funds
Raymond James Tax Credit Funds is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Since 1969, subsidiaries of RJF have been among the leading syndicators of affordable housing. Raymond James Tax Credit Funds has raised more than $3.1 billion in equity for more than 1,300 properties in 46 states since the inception of the tax credit program in 1986. For more information, visit rjtcf.com .
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including car insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans, and health and productivity services. For more information, visit http://www.nationwide.com.
For more information, please contact Jana Strange at 727-567-2824. Please visit the Raymond James Press Center at raymondjames.com/media.