Google Investing in LIHTC Fund Set Up By U.S. Bank

By Caitlin Jones
October 13, 2010 1 min read

Tax Credit Advisor, October 2010: A subsidiary of U.S. Bank has arranged and will manage a proprietary $86 million low-income housing tax credit fund for search engine giant Google.

The new fund, managed by U.S. Bancorp Community Development Corporation (USBCDC), will help to finance the development of LIHTC projects containing 480 affordable rental units located in seven communities in the West and Midwest. The developments are located in Waukegan, Ill.; Apple Valley, Minn.; Des Moines, Ia.; Milwaukee, Wisc.; and Fontana, Palm Springs, and Salinas, Calif.

The new fund represents an additional stage of investment in LIHTCs by Mountain View, Calif.-based Google, a relative new investor in the market. Google has made direct investments in two other LIHTC projects in California within the past year through Union Bank, one in the San Francisco Bay Area community of Sunnyvale and the second in Los Angeles County in Inglewood. (For background, see Tax Credit Advisor, June 2010, p. 6.)

Google’s investment in LIHTCs represents a broadening of the investor base for housing credits beyond the core of financial services companies – primarily banks with Community Reinvestment Act obligations. Read More…

Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

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Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

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Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.