KeyBank Community Development Lending and Investment (CDLI) provided $16.6 million in low income housing tax credit equity (state and federal), a $21.3 million construction loan and $6.3 million taxable equity bridge for the construction of Silos Apartments.
“Starting a business is especially difficult for women in a male-dominated society like Pakistan,” Fariha Irfan, a small-business owner in Rawalpindi told me when I met her earlier this year. “At every step we need men to assist us, whether that’s our husbands or our brothers.”
Though it has been around for more than two decades, the New Markets Tax Credit (NMTC) program is integral to the rebuilding efforts. It’s designed to incentivize the private sector to invest in low-income communities.
As an emerging developer in the affordable housing industry, KG Development Group needed help conceptualizing, organizing and applying for funding sources to close its deals.
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