A New Leader Emerges
Raymond James Affordable Housing Investments climbed to the top of the National Multifamily Housing Council’s (NMHC) 2025 Top 10 Syndicators list, reporting over 170,000 units syndicated—a 6% increase over its 2024 total. The firm displaced last year’s leader, Boston Financial, which reported a decline to 154,323 units syndicated.
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Stability Among the Leaders
PNC Multifamily Capital and National Equity Fund Inc. held firm in the third and fourth positions, respectively, each syndicating over 130,000 units. Enterprise Housing Credit Investments stayed at fifth, though with a slight decrease from 2024 figures. Most top-ranked firms remain constant from the prior year, underscoring continued consolidation in the LIHTC syndication market.
A Newcomer Rises
Viking Capital Investments entered the top 10 for the first time, with 3,617 units syndicated. While smaller in scale compared to more established firms, the Virginia-based syndicator represents a growing segment of boutique firms gaining traction in the affordable housing sector.
Top 10 Syndicators of 2025 (by Units Syndicated)
| Rank 2025 | Rank 2024 | Company Name | Units Syndicated 2025 | Units Syndicated 2024 | CEO | HQ City | HQ State |
|---|---|---|---|---|---|---|---|
| 1 | 2 | Raymond James Affordable Housing Investments | 170,615 | 160,727 | Steve Kropf | St. Petersburg | FL |
| 2 | 1 | Boston Financial* | 154,323 | 163,706 | Robert Golden | Boston | MA |
| 3 | 3 | PNC Multifamily Capital | 133,877 | 132,458 | Todd Crow | Portland | OR |
| 4 | 4 | National Equity Fund Inc.* | 133,642 | 125,104 | Matthew Reilein | Chicago | IL |
| 5 | 5 | Enterprise Housing Credit Investments | 115,857 | 117,132 | Kari Downes | Columbia | MD |
| 6 | 6 | The Richman Group Affordable Housing Corporation* | 101,478 | 102,674 | Richard Paul Richman | Greenwich | CT |
| 7 | 7 | Hudson Housing Capital LLC | 82,823 | 76,990 | Joseph A. Macari | New York | NY |
| 8 | 9 | WNC | 77,699 | 68,794 | Will Cooper Jr | Irvine | CA |
| 9 | 8 | Walker & Dunlop | 69,057 | 69,907 | Willy Walker | Bethesda | MD |
| 10 | — | Viking Capital Investments | 3,617 | 2,743 | Vikram Raya | Vienna | VA |
*Note: Not a member of NMHC as of Jan. 31, 2025.
Defining the Field
The NMHC defines syndicators as companies that buy or syndicate tax credits—primarily through the Low-Income Housing Tax Credit (LIHTC) program—and serve as general partners with minority ownership interests in multifamily developments. These rankings exclude limited partners, as well as firms focused on hotels, nursing homes, hospitals, or mobile homes.
Why It Matters
As the LIHTC program remains the federal government’s largest tool for incentivizing affordable rental housing, tracking the top syndicators offers insight into where capital is flowing. The top-ranked companies not only shape project pipelines but also influence policy discussions around tax credit allocations and housing equity.
For the complete data sheet and methodology, visit NMHC’s official Top 10 Syndicators list.
