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NALHFA Low Income Housing Tax Credit Member Spotlight

Wednesday, May 10, 2017   (0 Comments)
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NALHFA Member Spotlight:
The Low Income Housing Tax Credit Program
Over the last 30 years, the Low Income Housing Tax Credit (LIHTC) program has developed or preserved virtually all of the affordable rental housing in the United States. Widely regarded as the most successful affordable housing production and preservation program in the nation's history, the program gives 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 14 million low-income people have lived in affordable housing apartments financed by LIHTC since the program began in 1986. Furthermore, the program annually generates 96,000 jobs and $3.5 billion in taxes and other revenue for local economies. 

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:

Westgate Apartments
Housing Finance Authority of Palm Beach County, Florida 

The Housing Finance Authority of Palm Beach County, Florida is a proud participant in the financing of the "Westgate Plaza" apartments in suburban West Palm Beach.  The recently constructed seniors' rental apartment community was developed by Landmark Development Corporation, Miami, Florida together with co-partner Palm Beach County Housing Authority which provided Section 8 vouchers for all 80 units.   The $16M project was a public/private partnership involving the Authority which issued $7.5M of tax exempt bonds purchased by Citibank NA, a $6.1M loan of Neighborhood Stabilization Program 2 funds from Palm Beach County, and equity from the syndication of 4% low income housing tax credits.  The four-story complex includes 56 one-bedroom units and 24 two-bedroom units; twenty units are reserved for seniors with incomes no greater than 30 percent of AMI and 24 apartments are reserved for seniors with incomes no greater than 50 percent of AMI. The apartments contain energy-efficient appliances and impact-resistant windows and doors, with connections for cable television and Internet service.  Four of the units are completely designed to meet Uniform Federal Accessibility Standards and include wider doorways and larger spaces to accommodate persons using mobility assistance devices, roll-in showers with grab bars, lowered counter tops and open counter bases, and appliances with front control knobs.   Westgate Plaza amenities include a computer lab, library, fitness room, club room, and a pavilion with picnic tables and barbecue grills.  

The Yards D (Twelve 12 Apartments)
District of Columbia Housing Finance Agency

The Yards D Building is a newly-constructed mixed-income/mixed use building located at 1212 Fourth Street, SE in the District of Columbia.  The building contains 219 rental units of which 175 are market rate and 44 are affordable. The project is one component in the transformation of a former US Naval industrial complex known as The Southeast Federal Center (SEFC).  This transformation reflects significant investment in infrastructure by the District government in support of a development agreement between Forest City Washington, the Sponsor, and the federal government (GSA) for 2,800 residential units, 1.8 million square feet of office space, 300,000 square feet of retail, and a large outdoor park along the Anacostia River. 

Yards D is a single building, legally fragmented by use, and financed in-part by the DC Housing Finance Agency (DCHFA).   The DCHFA-funded portion of the development consists of forty-four (44) units of affordable housing, financed through tax-exempt bonds and equity raised through the syndication of 4% low income housing tax credits. The balance of the development was separately financed through the allocation of New Market Tax Credits from Forest City Washington.  Sitting less than a mile from the U.S. Capitol building, and in the midst of incredible economic growth, The Yards D could have represented yet another episode in the story of the widening economic gulf in the District of Columbia. Instead, it is an example of how creative financing, as well as private/public commitment, can help to create an environment of economic inclusion.

Winnemucca Senior Campus - Larios Arms Senior Residences
Nevada Rural Housing Authority

The Nevada Rural Housing Authority, City of Winnemucca, Humboldt County, Humboldt Development Authority, and the local Senior Center joined a successful partnership to not only revitalize an older residential neighborhood, but to provide low income housing and amenities for fixed income seniors through two low income housing tax credit funds, a USDA-RD MRP loan, and local donations and grants to infuse the rehab of the community's aging senior center.  The Winnemucca Senior Campus features 80 units of Senior housing ranging from 60% AMI and lower (including the rehabilitation of a 20 unit, 31-year-old complex), an expanded senior community building with increased parking, and a campus that adds landscape, gardening, walking path and park-style amenities to help foster these senior residents' lifestyles. This transformed neighborhood has helped correct a housing burdened senior population and has created an updated, amenity filled community concept that the Nevada Rural Housing Authority can use for future campus projects. 

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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5/9/2018 » 5/12/2018
2018 NALHFA Annual Conference

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