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National Equity, MARTA, Morgan Stanley to launch fund to protect affordable housing near MARTA rail stations.

M2 EQUITYBITES-January 7, 2021-National Equity, MARTA, Morgan Stanley to launch fund to protect affordable housing near MARTA rail stations

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National Equity Fund, Inc. (NEF), Metropolitan Atlanta Rapid Transit Authority (MARTA) and Morgan Stanley have announced a partnership to launch the USD 100 million Greater Atlanta Transit Oriented Affordable Housing Preservation Fund, the company said.

The Fund will provide financing to multi-family property owners to help low-income families and individuals stay in their homes, and not be displaced as rents increase in transit-rich neighborhoods throughout the Greater Atlanta metropolitan area.

The Fund will provide acquisition capital for multi-family affordable housing developments near or beyond the end of their initial tax credit compliance period; affordable housing properties that operate under the HUD Section 8 or other federal programs; as well as projects with no current rent restrictions that will become restricted upon acquisition. The Fund will provide high-LTV non-recourse first mortgage debt to finance the acquisition or repositioning of projects in targeted MARTA transit-oriented districts.

NEF is the Fund manager, with Morgan Stanley as the sole investor in the Fund. Loans made by the Fund will finance the acquisition and recapitalization of affordable housing projects for up to a 7-year holding period, and is expected to terminate upon the refinancing or tax credit re-syndication of the project.

National Equity Fund, Inc., based in Chicago, is a nonprofit investor and lender in affordable housing and a syndicator of federal Low Income Housing Tax Credits.

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Date:Jan 7, 2021
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