MCLEAN, Va. – By closing on its $20 million investment in The Enterprise Social Investment Corporation (ESIC) Empire and Garden States Equity Fund, Freddie Mac's portfolio of Low-Income Housing Tax Credit investments now exceeds $5 billion. Formed in 1986, the federal LIHTC program gives corporate investors credit against their federal taxes in exchange for providing equity to developer of housing for low-income Americans. The program attracts billions of dollars annually in private capital to underserved communities. ESIC's Empire and Garden State Equity Fund is a $50 million multi-investor LIHTC fund that focuses investments on affordable housing projects in New York and New Jersey.
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