In 1977, when First Capital Corporation was founded, few people had ever heard of affordable housing. At that time First Capital saw an opportunity to provide equity capital to developers of affordable housing which received project based Section 8 assistance. In our first full year of operations we provided equity capital for the development of nine Section 8 assisted projects providing affordable housing to low and moderate income families and elderly tenants. First Capital was one of the first firms in the country to provide this important source of capital.
In the early 1980’s First Capital provided equity capital to developers rehabilitating historic properties. In 1987 First Capital was one of the first firms to provide capital to projects generating Low Income Housing Tax Credits. First Capital also provided equity capital for market rate housing and projects which used tax exempt bond financing. First Capital assembled a portfolio of fifty eight apartment complexes in eight states. In recent years, First Capital has enhanced its asset management activities to increase the value of its portfolio and began assisting other owners in recapitalizing existing properties by refinancing and restructuring their existing debt so that the properties can be preserved for years to come. First Capital also disposed of over $82,000,000 worth of properties providing significant returns for investors. First Capital has extensive experience with tax exempt bond credit enhancement vehicles, Government Sponsored Enterprise Programs such as Fannie Mae and Freddie Mac, HUD’s Mark to Market and Mark Up to Market, and its Section 223(a)(7), 223(f) and 236 project decoupling programs. For three decades First Capital has led by innovation and experience and its ability to successfully close transactions.
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