Michel Associates, Ltd. Closes $45 Million LIHTC Fund
Boston, MA (January 7, 2015) – Michel Associates, Ltd., today announced the closing of the Company’s Countryside Corporate Tax Credits Fund XXII, a $45 million Low-Income Housing Tax Credit (LIHTC) Fund. The Fund is expected to invest in a portfolio of 11 multifamily properties in 9 states, from California to Maine.
Commenting on the closing, Ken Michel, President and Chief Executive Officer of Michel Associates said, “Our team has put together a strong portfolio of properties, located across the country. We very much appreciate the confidence our corporate investors have placed in us with their investment in the Fund.”
The Fund includes seven family properties, one senior property, one special needs property and two properties with a mix of senior and family tenants. The properties are located in 9 states — California, Maine, New Mexico, North Dakota, Oregon, Pennsylvania, Rhode Island, Washington and West Virginia. The 929 units contained in the 11 properties acquired by the Fund increases the firm’s portfolio to approximately 13,000 units.
About Michel Associates, Ltd.
Michel Associates, Ltd. is a Boston based real estate syndication firm that invests in affordable housing. Formed in 1986, Michel provides real estate and financial services including the private placement of Low Income Housing Tax Credit (LIHTC) limited partnerships and Asset Management services.