Syndicator – a company that aggregates multiple affordable housing properties into a single portfolio (also known as a “fund”), and sells ownership interests in the fund.  Syndicators provide a critical role by spreading the inherent risk of owning single properties through a portfolio approach, often diversified by geography or property type, and will apply its sales and marketing expertise to identify suitable investors to own units of the fund.  Syndicators typically will also manage the fund on behalf of the investors for the duration of the fund’s expected life.