R4 Capital, a national affordable housing investment firm, reported record performance in its low-income housing tax credit (LIHTC) business and its tax-exempt lending platform in 2025.
The firm closed $1.19 billion in LIHTC equity from 51 institutional investors, including 10 new R4 investor clients, representing a 39% increase over 2024.
“We are extraordinarily proud to have provided more than $1.19 billion of equity financing to the LIHTC market in a year that posed a number of challenges and uncertainties,” said Jason Gershwin, managing director and director of fund management.
In 2025, the firm closed on three R4-sponsored national multi-investor funds and R4’s largest California Fund to date, for which it raised $163 million in LIHTC equity to finance the creation of 654 units in 10 properties across the state.
Founded in 2011, R4 has raised and manages more than $7.8 billion of LIHTC equity investments on behalf of more than 145 institutional investors across 43 multi-investor funds and 14 proprietary funds.
R4 Capital Funding (R4CF), the company’s tax-exempt lending platform, provided $925 million of construction and permanent mortgage capital to build or preserve 4,398 units of affordable housing last year.
“Two years in a row, R4CF has surpassed capital deployed from the previous year with a 34% increase in our 2025 volume over 2024,” said James Spound, R4CF president. “The results demonstrate that R4CF continues to tailor its lending programs to meet the needs of affordable housing developers and of our investment partners.”
Established in 2016, R4CF has provided more than $5.1 billion in mortgage loans, financing the construction and preservation of over 29,000 units of affordable housing across 31 states and Washington, D.C.
In addition, R4’s development subsidiary, Forward Housing Preservation, closed on six acquisitions last year, bringing the portfolio to 16 properties. Led by president Alex Magliozzi, Forward Housing acquires and preserves affordable housing properties, most of which benefit from Section 8 rental subsidies.