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NEF Fifth Third tap OZ capital to fuel workforce housing in Cincinnati

National Equity Fund has closed on its first cohort of Opportunity Zone investments, including a major effort to develop rental housing for low- and moderate-income families in Cincinnati’s historic Over-the-Rhine neighborhood.

NEF collaborated with Fifth Third Bank to finance the innovative Willkommen project by blending $7.2 million in Opportunity Zones capital with more than $11.5 million in equity generated by Low Income Housing Tax Credits (LIHTCs), New Markets Tax Credits (NMTCs) and Historic Tax Credits, with multiple partners providing capital and expertise to ensure the project’s success. The deal structure maximizes the impact of federal housing and economic development programs to do more than they could individually—filling a significant housing gap the private market could not otherwise address.

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