U.S. Bancorp Impact Finance, the community development and environmental finance division of U.S. Bank, reported record 2025 results for its tax credit syndications platform.
The organization raised approximately $5.7 billion in third-party capital from 58 institutional investors across 109 transactions last year. It was the highest annual total in the company’s history.
“More investors are optimizing tax strategies while achieving their community and sustainability goals, and more capital is reaching businesses that deliver housing, clean energy and economic opportunity,” Bill Bayer, managing director of syndications and state clearinghouse at U.S. Bancorp Impact Finance, said. “2025 was a milestone year for our syndications team, reflecting our focus on customers, disciplined execution and measurable results.”
These investments will be used to help finance affordable housing, renewable energy and economic development projects that create jobs and strengthen communities.
Among the key stats for 2025, U.S. Bancorp Impact Finance reported:
- $5.7 billion in third-party capital raised.
- 58 unique investors.
- 109 transactions closed.
- 6,812 affordable housing units financed through LIHTC syndications, supporting developments in 19 states.
- Renewable energy generation capacity of 4.4 GW (solar and wind projects) and battery storage capacity of 0.8 GW financed through RETC syndications.
- 129 economic development projects financed through NMTC syndications, advancing jobs, healthcare, homeownership and small business growth.
U.S. Bancorp Impact Finance is one of the few syndicators offering all three federal asset classes – Low Income Housing Tax Credits (LIHTC), Renewable Energy Tax Credits (RETC) and New Markets Tax Credits (NMTC). It is recognized as a national leader in each.
Also, U.S. Bancorp Impact Finance surpassed $7 billion in tax credit transfers since the Inflation Reduction Act authorized transferability in 2023.
“Demand for tax credit transfers has grown rapidly, as investors see the value, efficiency and scalability of this new solution,” Maria Bustria, business development director for syndications at U.S. Bancorp Impact Finance, said. “We expect continued momentum as the market matures, drawing in new participants and expanding the flow of capital to renewable energy projects nationwide.”
Since inception, Impact Finance has raised $28 billion in federal tax credit capital from 183 investors across more than 400 funds. Through the state clearinghouse, Impact Finance has invested in 112 state tax credit programs in 39 states, raising more than $2.4 billion from nearly 100 investors.