CHICAGO – November 10, 2021 – Associated Community Development (ACD), the community development group of Associated Bank, has made an $8 million equity investment in a multi-investor fund managed by Raymond James Multi-Family Finance (RJMF). ACD is one of a small group of financial institution investors in the Raymond James Preservation Opportunities Fund VIII, LLC.
The Fund, which is expected raise between $85 million and $125 million, is designed to maintain affordability in the housing market through ownership of stabilized affordable properties for a period of 3-10 years. All projects will have a majority of units with monthly rental rates that are affordable to households earning 80-percent AMI or less. The Fund will partner with developer general partners with significant low-income housing tax credit experience and strong affordable housing property management experience. Since 1986, Raymond James has sponsored more than 150 tax-credit funds which have provided equity for more than 2,300 affordable rental properties in 48 states.
In addition to preserving critical affordable rental housing within a community, tenants will also benefit from improved living conditions, upgraded community amenities and service offerings, and a dedicated and experienced management team. The Fund will invest in projects across the Midwest, West, Southwest and Southeast.
The Associated Bank ACD team involved included Charlie Cafazza, Teresa Rubio and Stefanie Bachrach. Stefanie Bachrach will manage the investment on behalf of ACD.
Associated Community Development offers both equity and lending in underserved areas throughout the Midwest, primarily in Wisconsin, Illinois and Minnesota. Investment initiatives include tax credits for affordable income housing, historical building preservation and various commercial development projects.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.