Red Stone Equity Partners LLC announced the closing of Red Stone Equity – Fund 84 Limited Partnership (Fund 84), a $207-million multi-investor Low Income Housing Tax Credit (LIHTC) investment fund. Fund 84 is the 18th and largest Red Stone Equity multi-investor fund offering to close since the company’s inception and includes investments from 12 different institutional investors, 11 of which are repeat Red Stone Equity investors and one of which is a first-time Red Stone Equity investor, the company said.
Fund 84’s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation more than 1,600 units of affordable rental housing contained within 23 properties located in 11 different states.
“We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which comes at a critical time as our nation confronts a growing affordable housing crisis,” said Ryan P. Sfreddo, president of Red Stone Equity. “Prior to the onset of COVID-19, more than one in four renter households in the U.S.–roughly 12 million households–were spending more than half of their income on rent, leaving far too little for other necessities like food, medical care and transportation. COVID-19 has only exacerbated this crisis as it has had a disproportionate impact on low- and moderate-income households and on communities of color. We are proud to have executed on the Fund 84 closing for our investor and developer clients, but more importantly for the thousands of hardworking families, veterans, people with special needs, teachers, nurses, firefighters, police officers and seniors it will help to house.”
