Associated Community Development, the community development group of Green Bay, Wis.-based Associated Bank, has made an $8 million equity investment in a multi-investor fund managed by Raymond James Multi-Family Finance.
The fund, the Raymond James Preservation Opportunities Fund VIII, LLC, is expected to raise between $85 million and $125 million and will invest in projects across the country. It is designed to maintain housing affordability through owning stabilized affordable properties for three-10 years. All projects will have a majority of units with monthly rental rates that are affordable to households earning 80 percent of the area median income or less. The fund will partner with developer partners with substantial low-income housing tax credit experience and strong previous affordable housing property management work.
Associated Community Development offers lending and equity to underserved areas throughout the Midwest, primarily in Minnesota, Illinois and Wisconsin. Investment initiatives include tax credits for historical building preservation, commercial development projects and affordable income housing. “In addition to preserving critical affordable rental housing within a community, tenants will also benefit from improved living conditions, upgraded community amenities and service offerings, and a dedicated and experienced management team,” Associated Bank said.
The Associated Bank Community Development team includes Charlie Cafazza, Teresa Rubio and Stefanie Bachrach. Associated Bank’s Commercial Real Estate division has offices in Indiana, Minnesota, Ohio, Wisconsin, Illinois, Michigan, Missouri and Texas.