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NALHFA Member Spotlight: The Low Income Housing Tax Credit Program

Friday, May 5, 2017   (0 Comments)
Posted by: Heather Voorman

NALHFA Member Spotlight:
The Low Income Housing Tax Credit Program
The Low Income Housing Tax Credit (LIHTC) program has been one of the most successful tools for boosting private investment in the development and preservation of affordable housing in the United States. The LIHTC program was created by the Tax Reform Act of 1986, and since then has given LIHTC state and local allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, and new construction of rental housing targeted to lower-income households. With these funds, approximately 6.5 million low-income households have lived in affordable housing apartments financed by LIHTC from 1986 to 2013. 

The LIHTC program is a critical tool in combating the country's affordable housing crisis and has helped millions of families across the nation. Numerous NALHFA members have used LIHTC to help fund innovative, state-of-the-art affordable housing projects in their communities. As part of our Member Spotlight series, this month NALHFA will be showcasing several successful member projects that utilized this essential funding source. 

Be sure to follow NALHFA on Facebook, Twitter, and LinkedIn to see the rest of our member spotlights this month!

Low Income Housing Tax Credit Member Spotlight:

City Lights
Invest Atlanta

City Lights is a National Association of Homebuilders' Gold Achievement Award seniors community. With 80 affordable housing units for residents earning 60 percent of AMI or below, the complex provides more housing options within Atlanta's transitioning Old Fourth Ward area, offering a place for existing residents to age in place. Invest Atlanta played a key role in the project by issuing $7.5 million is tax exempt bonds and providing $600,000 in HOME funds for financing the development. With access to amenities such as a sundeck, fitness center, and covered parking, City Lights' low-income senior residents will be able to live independently right in the heart of the city.

Serenity Place Apartments
City of Dallas Housing Finance Corporation

Serenity Place Apartments is a gated, 45-unit apartment complex that is dedicated to provide permanent housing and supportive services for homeless women with children. The development site covers 2.46 acres of land, split between 3 buildings.  The complex is a mix of forty (40) 2-bedrooms/2-baths and five (5) 3-bedrooms/2-baths, with a 1,488 sq. ft. clubhouse where tenants receive counseling and on-site case management services.  The financing of this $7 Million dollar was made possible through Low-Income Housing Tax Credit (TDHCA), City of Dallas (HOME & CDBG), Bank of America/Merrill Lynch, Federal Home Loan Bank Atlanta (AHP), and Project-Based Housing Vouchers (DHA) City Wide CDC collaborated with Carleton Residential (Developer) and National Housing Advisors (Consultant). 

The Hodge on 7th
The District of Columbia Housing Finance Agency

The Hodge on 7th ("The Hodge") is a $27.64 million multifamily senior residence located at 1490 7th Street NW, Washington, DC.  The project was financed in part by the District of Columbia Housing Finance Agency through its issuance of long and short-term tax exempt bonds ($13M) and equity raised through the syndication of 4% Low Income Housing Tax Credits ($11.3M).  The project also received $6.3 million in subordinate HOME funds. 

The building is an integral part of the City Market at O Street ("City Market"), the approximately one million square foot master development built around the National Register of Historic Places designated O Street Market, that includes roughly 90,000 square feet of retail space, a hotel, 90 affordable senior residential units (i.e., The Hodge), 400 market rate residential rental units, and an additional 145 resident-owned housing units. The Hodge is an indispensable reflection of the larger $315 million development's dedication to affordability and resident age diversity.
The development at the City Market was so emblematic of critical urban revitalization and economic development, that the Obama Administration designated the site as one of 14 national "high priority infrastructure projects" targeted for the streamlined deployment of federal resources, and one of only two such projects in the initiative assigned primarily to HUD.  

Do you have a successful LIHTC project you'd like to share? Let us know! Send your stories to hvoorman@nalhfa.org and we will use them to promote the LIHTC program on Capitol Hill. You may also be featured in an upcoming NALHFA Member Spotlight!
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National Association of Local Housing Finance Agencies, 2025 M Street, NW, Suite 800, Washington, DC 20036
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Washington Briefing Webinar

5/9/2018 » 5/11/2018
2018 NALHFA Annual Conference

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