LIHTC

Boston Capital is investing in the rehabilitation of Court Street Veterans Housing, a 97-unit apartment community serving formerly homeless and at-risk veterans in Boston, Massachusetts. Court Street Veterans Housing will be rehabilitated in part with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.

City Real Estate Advisors announced the closing of CREA Corporate Tax Credit Fund 43, LLC. The fund raised a total of $238.6 in capital from 13 investors.

Woda Group, Inc. plans to build Grand View Place, a 68-unit affordable housing development, using Low-Income Housing Tax Credits from the Michigan State Housing Development Authority.

Senate Finance Committee approved a tax extender bill that fixes the 9% and 4% credit rate floor for allocations made in 2015 and 2016. These provisions are part of a larger two-year tax extender bill.

Vesta Corporation will conduct a complete rehabilitation and redevelopment of Villa Serena Apartments, a 242-unit apartment community in Mayfield Heights, Ohio. Vesta was awarded a federal Senior Preservation Rental Assistance Contract (SPRAC). This award, combined with an FHA First Mortgage, 9% LIHTCs, and the $2 million, 20 year subsidy, will finance most of the estimated $40,000 per-apartment cost of the renovation.

NH&RA calls on its members to stop the Senate Appropriations Committee from slashing funding to the HOME program, join efforts to strength LIHTC, help preserve tax-exempt multifamily bonds, and advocate for the historic tax credit.

The Affordable Housing Tax Credit Coalition honored outstanding low income tax credit properties at its 21st Annual Charles L. Edson Tax Credit Excellence Awards. NH&RA members were involved in the development and financing of several of the award-winning projects.

Affordable Rental Housing ACTION (A Call To Invest in Our Neighborhoods) issued resources to assist housing credit supporters in reaching out to their representatives in support of current legislation. NH&RA encourages our members to voice your support bills in the House and Senate that will set a minimum credit rate.

Senators Al Franken (D-MN) and Rob Portmann (R-OH) introduced legislation to modify the tax code so that homeless youth and veterans who are full-time students are eligible to live in low-income housing tax credit properties.

Increased competition for low income housing tax credits (LIHTC) is expanding the role qualified allocation plans (QAPs) plays in determining where developments are built, according to a new report from the U.S. Department of Housing and Urban Development.

Boston Capital is investing in the construction of a 72-unit apartment community. The apartment community will be built with tax credit equity from the LIHTC program. Homes will be available to individuals and families earning 60 percent or less of the area median income (AMI).

Senators introduced a bill on May 5 to create a permanent floor for the low income housing tax credit. The bill is identical to the one introduced to the House in late February.