Key Takeaways
- • Walker & Dunlop closed Fund 124, a $240 million Low-Income Housing Tax Credit (LIHTC) investment fund, marking the largest LIHTC fund in the company's history.
- • The fund will support development of 18 properties across ten states (California, Texas, Maryland, Utah, Missouri, Michigan, Connecticut, Florida, Idaho, and Kansas), creating 1,701 affordable housing units.
- • Fund 124 is structured as a multi-investor vehicle, broadening capital participation in affordable housing development and expanding Walker & Dunlop's role in the LIHTC market.
- • The closing positions Walker & Dunlop Affordable Equity as a significant player in advancing affordable housing solutions, with Marcus Law II, VP of Investment Management for Affordable Housing, leading the initiative.
Summary
Walker & Dunlop, Inc., the Bethesda-based real estate finance company, has successfully closed Fund 124, a $240 million multi-investor Low-Income Housing Tax Credit (LIHTC) investment fund. The closing represents a strategic expansion of the firm's affordable housing investment platform and marks the largest LIHTC fund Walker & Dunlop has assembled to date.
The fund will finance the development and preservation of 18 properties across ten states: California, Texas, Maryland, Utah, Missouri, Michigan, Connecticut, Florida, Idaho, and Kansas. Collectively, these projects will deliver 1,701 affordable housing units, addressing supply constraints in key U.S. markets. The multi-investor structure of Fund 124 demonstrates strong institutional demand for LIHTC investments, a tax incentive mechanism widely used to finance affordable rental housing development.
Walker & Dunlop Affordable Equity, the division managing the fund, mobilized capital from multiple institutional investors to close the transaction. The fund's scale and geographic diversification reflect both the company's growing capacity to syndicate LIHTC investments and the continued importance of tax credits as a financing mechanism for affordable housing development in a period of constrained housing supply and affordability challenges across the United States. The successful closing underscores institutional investor appetite for impact-aligned real estate investment vehicles that generate both financial returns and measurable social benefit through affordable unit creation.
The fund will finance the development and preservation of 18 properties across ten states: California, Texas, Maryland, Utah, Missouri, Michigan, Connecticut, Florida, Idaho, and Kansas. Collectively, these projects will deliver 1,701 affordable housing units, addressing supply constraints in key U.S. markets. The multi-investor structure of Fund 124 demonstrates strong institutional demand for LIHTC investments, a tax incentive mechanism widely used to finance affordable rental housing development.
Walker & Dunlop Affordable Equity, the division managing the fund, mobilized capital from multiple institutional investors to close the transaction. The fund's scale and geographic diversification reflect both the company's growing capacity to syndicate LIHTC investments and the continued importance of tax credits as a financing mechanism for affordable housing development in a period of constrained housing supply and affordability challenges across the United States. The successful closing underscores institutional investor appetite for impact-aligned real estate investment vehicles that generate both financial returns and measurable social benefit through affordable unit creation.
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