Creating a Robust LIHTC Market for Community Reinvestment Act
April 29, 2014, Clearwater, FL – Churchill Stateside Group (CSG) and its wholly owned subsidiary, Churchill Equity is pleased to announce that it has closed a Low Income Housing Tax Credit (LIHTC) fund with a regional bank which was looking to invest in LIHTC properties for Community Reinvestment Act (CRA) purposes.
Keith Gloeckl, Chief Executive Officer of Churchill Stateside Group stated, “We are very pleased to be working with and assisting regional banks with their CRA needs by bringing desired developers with strong track records into the bank that specifically fit the footprint of the bank’s geographical needs.”
“This is a win-win situation” said Brent Watts, Senior Vice President at Churchill Stateside Group, “the bank asked us to identify quality; competent LIHTC sponsors and we were able to go out and obtain these sponsors for the bank and additionally provide the necessary steps – from acquisition through underwriting and asset management on behalf of the bank.”
Helping to rebuild and revitalize communities through sound lending and good business judgment Churchill Stateside Group looks forward to the enduring relationship with this bank and opportunities to provide the same services for comparable institutions.
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. CSG has long-standing and successful investment relationships with numerous corporate investors, pension funds, and insurance companies. The company is also an approved USDA Rural Development and HUD MAP lender. CSG pursues high quality lending and investment opportunities across the nation.