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novogradac journal of tax credits www.novoco.com October 2013 continued from page 1 Photo: Courtesy of ARC Architects This four-bedroom Adams View home features a gathering room with vaulted ceilings. enough to drive new market-rate housing,” said Alisa Luber, the senior project developer for Mercy Housing Northwest who worked on Adams View. Clem said that a bulk of the Yakama Nation Housing Authority housing stock was built under the U.S. Housing Act of 1937 and subsequent related legislation. While the Housing Act of 1937 succeeded in expanding tribal housing stock and providing rental assistance programs, tribal leaders didn’t have much planning control over their own communities’ developments. This changed with the Native American Housing Assistance and Self Determination Act of 1996 (NAHASDA), which granted tribes greater self-governance in housing assistance matters. The legislation eliminated several separate housing assistance programs and replaced them with the Indian Housing Block Grant and the Title VI loan guarantee program. These initiatives, along with the LIHTC, are giving aging and limited reservation housing stock a welcomed infusion of resources for rehabilitation and new development. Financing Adams View Securing LIHTCs for developments on tribal land has always been a challenge because of unique ownership situations and limitations on securing debt against tribal land, said Bill Rumpf, president of Mercy Housing Northwest. In response to advocacy to make developments in Indian Country more competitive in the LIHTC application process, the Washington State Housing Finance Commission amended its policies in 2008 to award extra points to developments in eligible tribal areas. Adams View qualified for the extra points and received a continued on page 3 Novogradac Journal of Tax Credits Editorial Board Publisher Michael J. Novogradac, CPA EditorIAL DIRECTOR Alex Ruiz Technical Editors Robert S. Thesman, CPA James R. Kroger, CPA Owen P. Gray, CPA Thomas Boccia, CPA Daniel J. Smith, CPA ASSOCIATE EDITOR Jennifer Dockery Staff Writers Teresa Garcia Mark O’Meara Editorial Assistant Elizabeth Orfin Contributing Writers Christina Apostolidis Brent Rudy Parker Brandi Day Dat Ksor Christian Ayson Owen P. Gray CARTOGRAPHER David R. Grubman Production Alexandra Louie Jesse Barredo James Matuszak Cyle Reissig Warren Sebra John M. Tess Dan J. Smith Forrest Milder Novogradac Journal of Tax Credits Information Correspondence and editorial submissions: Alex Ruiz / 415.356.8088 Inquiries regarding advertising opportunities: Emil Bagalso / 415.356.8037 Editorial material in this publication is for informational purposes only and should not be construed otherwise. Advice and interpretation regarding the low-income housing tax credit or any other material covered in this publication can only be obtained from your tax advisor. © Novogradac & Company LLP 2013 All rights reserved. ISSN 2152-646X Reproduction of this publication in whole or in part in any form without written permission from the publisher is prohibited by law. 2
Novogradac Journal of Tax Credits Advisory Board Low-Income Housing Tax Credits Bud Clarke Boston Financial Investment Management Jana Cohen Barbe SNR Denton Tom Dixon Boston Capital Rick Edson Housing Capital Advisors Inc. Richard Gerwitz Citi Community Capital Rochelle Lento Dykema Gossett PLLC John Lisella u.S. Bancorp Community Dev. Corp. Phillip Melton Centerline Capital Group Thomas Morton Pillsbury Winthrop Shaw Pittman LLP Mary Tingerthal Minnesota Housing Finance Agency Rob Wasserman U.S. Bancorp Community Dev. Corp. Property Compliance Michael Kotin kAy Kay Realty Michael Snowdon mCA Housing Partners\ Kimberly Taylor Housing Development Center continued from page 2 novogradac journal of tax credits Housing and Urban Development Flynann Janice Rainbow Housing Ray Landry Davis-Penn Mortgage Co. Denise Muha National Leased Housing Association Monica Sussman Nixon Peabody LLP New Markets Tax Credits Frank Altman Community Reinvestment Fund Merrill Hoopengardner Advantage Capital Scott Lindquist SNR Denton Matthew Philpott U.S. Bancorp Community Dev. Corp. Matthew Reilein JPMorgan Chase Bank NA Ruth Sparrow Futures Unlimited Law PC Elaine DiPietro Enterprise Community Investment Inc. Historic Tax Credits Jason Korb Capstone Communities John Leith-Tetrault National Trust Comm. Investment Corp. Bill MacRostie mACRostie Historic Advisors LLC John Tess Heritage Consulting Group Renewable Energy Tax Credits Bill Bush Borrego Solar Ben Cook SolarCity Corporation Jim Howard Dudley Ventures Forrest Milder Nixon Peabody LLP John Pimentel Foundation Windpower Photo: Courtesy of ARC Architects Adams View homes have specially designed gathering areas for family and friends. reservation of nearly $1.4 million in LIHTCs in 2010. Bank of America provided an $11.4 million housing loan and a $4.4 million infrastructure loan, both under the Title VI loan guarantee program. Key Bank contributed about $12.2 million in LIHTC equity through the syndicator, Raymond James Tax Credit Funds. “Leveraging resources was the key to accomplishing this development,” said Picotte. “It enables us to provide adequate, decent, safe, affordable housing to Yakama Nation tribal members.” Adams View A team from Seattle-based ARC Architects designed Adams View with six different floor plans for one- or two-story units. The units include three or four bedrooms, two baths, two car garages and large patios. Adams View was designed so that units could accommodate extended families with a large, high-ceilinged gathering room that can accommodate groups of family and friends. continued on page 4 www.novoco.com October 2013 3
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