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Kansas City Equity Fund Announces Commitment of New Investors
The investors in the [2008] fund are: Bank Midwest, Capitol Federal Savings Bank, Commerce Bank, Great Southern Bank, M&I CDC, Metcalf Bank, The PrivateBank, and UMB Bank, N.A.
The Kansas City Equity Fund raises capital annually from financial institutions and corporations to invest in affordable and historic housing in Kansas City and surrounding metropolitan areas. It purchases federal and state low-income housing tax credits as well as federal historic rehabilitation tax credits from for-profit and not-for-profit developers, and then allocates the benefits of these credits to its investors. The fund's nonprofit status lets it bid more competitively for a limited supply of tax credits.
The capital from the newly announced investors will be used for two Kansas City properties: Jamision Housing on the Boulevard, 14 new townhouses in the Oak Park neighborhood; and Valentine apartments, a complex originally built in 1927 that will be rehabbed into 65 affordable rental units.
The Kansas City Equity Fund raises capital annually from financial institutions and corporations to invest in affordable and historic housing in Kansas City and surrounding metropolitan areas. It purchases federal and state low-income housing tax credits as well as federal historic rehabilitation tax credits from for-profit and not-for-profit developers, and then allocates the benefits of these credits to its investors. The fund's nonprofit status lets it bid more competitively for a limited supply of tax credits.
The capital from the newly announced investors will be used for two Kansas City properties: Jamision Housing on the Boulevard, 14 new townhouses in the Oak Park neighborhood; and Valentine apartments, a complex originally built in 1927 that will be rehabbed into 65 affordable rental units.