November 14, 2017- NDC Corporate Equity Fund XII announced a LIHTC closing for the $33.7 million rehabilitation of an existing affordable family housing development in Raleigh, NC. This project is financed with 4% Low Income Housing Tax Credits allocated by North Carolina Housing Finance Agency and Tax Credit equity provided by NDC as well as Tax Exempt Bond financing provided by R4 Capital and a subordinate loan provided by the City of Raleigh.
Built in 1970, Raleigh Millbank is a Project-Based Section 8 Family property consisting of 43, two-story townhome-style buildings and 230 units with a mix of two and three-bedroom apartment homes on 25.4 acres. All the units will qualify under the LIHTC program and will be rented to households whose income does not exceed 60% of the area median income.