Firms to Invest $300 Million to Finance Low-Income Housing
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Several dozen corporations announced Monday in Los Angeles that they will invest $300 million to purchase federal income tax credits designed to help finance low-income housing nationwide.
The credits are the principal federal program to encourage low-cost housing, and $60 million will go toward affordable housing in California.
The announcement by the nation’s leading syndicator of housing tax credits, an affiliate of the Local Initiatives Support Corp., was applauded by Los Angeles Mayor Richard Riordan, who called it “terrific news for Los Angeles and cities around the nation.”
The action brings the total investment by the syndicator’s programs to $1.3 billion in the four years since the tax credit was made permanent by Congress. The syndicator, the National Equity Fund, has a goal of raising $1.5 billion over five years.
Participants include Bank of America, Home Savings of America, Payless Cashways, Union Bank of California and Wells Fargo.
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