LOW-INCOME HOUSING TAX CREDIT SHOWCASE

Recommendations

Info

Low-Income Housing Tax Credit Showcase Historic High School Provides Senior Housing in Oil Boom Region T The middle of North Dakota’s oil boom is a hard place to find affordable housing. In fact, Williston, N.D., is the most expensive place to rent an entry-level apartment in the United States, according to Apartment Guide. It’s more expensive that New York City or Silicon Valley, with the average monthly rent for a 700-square-foot, one-bedroom, one-bathroom apartment at $2,400. “In North Dakota, we’re in the midst of an economic boom and the significant increases in population put a premium on housing,” said Jennifer Henderson, division director of planning and housing development for the North Dakota Housing Finance Agency (NDHFA). “While the state has been working very hard to encourage development, the need for affordable housing options in Williston and all over the state continues.” In response to that shortage, Lutheran Social Services of North Dakota teamed up with Enterprise Community Investment Inc. and NDHFA to convert a former high school into Legacy Living at Central Place, a $10.6 million affordable housing property for seniors financed partly by low-income housing tax credits (LIHTCs). It opened in 2014. The 44-apartment development includes 35 rental homes for residents who earn 60 percent or less of the area median income and nine rental homes for those at or below 30 percent AMI. It was much-needed for residents who have been adversely affected by the influx high-income oil industry LEAD DEVELOPER LUTHERAN SOCIAL SERVICES OF NORTH DAKOTA CATEGORY RURAL, SENIORS, HISTORIC PRESERVATION workers who can afford to pay significantly higher rental rates. “The tenants we talked to are faced with increasing rents and costs that they couldn’t possibly have expected or absorbed,” said Jessica Thomasson, director of Lutheran Social Services Housing. Legacy Living at Central Place also preserves a local historic landmark. The Art Deco building was constructed as Williston High School in the early 1930s and later became a junior high school. It sat vacant for about six years until Lutheran Social Services began renovation work in 2012. Renovation work included preserving terrazzo flooring and much of the original hardwood. Some of the lockers in the hallways were kept, but in cases when they were removed, developers filled the alcoves with benches and slate chalkboards from the classrooms. CONGRESSIONAL DISTRICT NORTH DAKOTA AT-LARGE RENTAL HOMES 44 FINANCING • $7.1 million in tax credit equity from Enterprise Community Investment • $1.8 million in federal historic rehabilitation tax credits (HTCs) • $1.2 million loan from the United States Department of Agriculture (USDA) Rural Development Section 538 program • $777,000 in Community Development Block Grant (CDBG) funding • $611,000 in annual 9 percent low-income housing tax credits (LIHTCs) from the North Dakota Housing Finance Agency (NDHFA) • $611,000 from the North Dakota Housing Incentive Fund • $471,000 in deferred developer fees • $409,000 from the Neighborhood Stabilization Program 3 • $365,000 from the Neighborhood Stabilization Program 1 • $210,000 from Lutheran Community Foundation • $265,000 from the Williston Star Fund • $50,000 from AgriBank Rural Community Grant Fund • $25,000 pre-development loan from Enterprise Community Partners 110 Novogradac & Company LLP
Photo: Courtesy of Lutheran Social Services Housing In North Dakota, we’re in the midst of an economic boom and the significant increases in population put a premium on housing. While the state has been working very hard to encourage development, the need for affordable housing options in Williston and all over the state continues. Classrooms and offices were converted into one- and twobedroom apartments. Shared amenities include a laundry room, elevator, free parking and a guest suite available for visitors. The former gymnasium was converted to a dining and events room that Lutheran Social Services hopes will someday host daily noontime meals for tenants and the neighboring community. Enterprise contributed $7.1 million in tax credit equity, an amount that those involved said was crucial. “The housing tax credit and the historic tax credit played a huge part–I don’t know how else they would have done it without the tax credits,” said Russell Kaney, program director of Enterprise’s National Rural & Native American Initiative. ; www.novoco.com 111
Page 1 and 2:
LOW-INCOME HOUSING TAX CREDIT SHOWC
Page 3 and 4:
Novogradac Special Reports low-inco
Page 5 and 6:
Featured Affordable Properties (con
Page 7 and 8:
About This Showcase Affordable hous
Page 9 and 10:
About the Low-Income Housing Tax Cr
Page 11 and 12:
LIHTC Timeline In 1986, Congress pa
Page 13 and 14:
Residents’ Incomes and Eligibilit
Page 15 and 16:
F LIHTC Rental Homes Change Lives F
Page 17 and 18:
T LIHTC ‘Center of Solar System
Page 19 and 20:
History of Housing Credit Pricing S
Page 21 and 22:
33 34 36 35 39 40 41 64 38 37 43 30
Page 23 and 24:
Alabama Gains More Affordable Famil
Page 25 and 26:
After the Storm, Affordable Housing
Page 27 and 28:
Marquee Apartments Preserve Afforda
Page 29 and 30:
Photos: Courtesy of Keith Baker
Page 31 and 32:
Photos: Courtesy of Security Pr
Page 33 and 34:
Photos: Courtesy of SRO Housing
Page 35 and 36:
Photos: Courtesy of AMCAL Multi
Page 37 and 38:
Photos: Courtesy of Monterey Co
Page 39 and 40:
Photos: Courtesy of The John St
Page 41 and 42:
Photos: Courtesy of Novogradac
Page 43 and 44:
Photos: Courtesy of Housing Aut
Page 45 and 46:
Photos: Courtesy of Christian C
Page 47 and 48:
Photos: Courtesy of Nico Marque
Page 49 and 50:
Renderings: Courtesy of Nico Ma
Page 51 and 52:
Rendering: Courtesy of Workshop
Page 53 and 54:
Photos: Courtesy of WORKSHOP8 I
Page 55 and 56:
Rendering and Photos: Courtesy
Page 57 and 58:
BEFORE AFTER Photos: Courtesy o
Page 59 and 60:
Photos: Courtesy of Liz Roll ww
Page 61 and 62:
Photos: Courtesy of Green Stree
Page 63 and 64:
UNDER RENOVATION UNDER RENOVATI
Page 65 and 66: Photos: Courtesy of Carrfour Su
Page 67 and 68: Photos: Courtesy of Prestwick C
Page 69 and 70: Photo: Courtesy of Mercy Housin
Page 71 and 72: Photos: Courtesy of Volunteers
Page 73 and 74: Photos: Courtesy of The Benoit
Page 75 and 76: Photos: Courtesy of Miller-Vale
Page 77 and 78: Photo: Courtesy of Megan Barnet
Page 79 and 80: Photos: Courtesy of South Bend
Page 81 and 82: Photos: Courtesy of South Bend
Page 83 and 84: Rendering and Photos: Courtesy
Page 85 and 86: Photo: Courtesy of The Marian G
Page 87 and 88: Photos: Courtesy of Andy Ryan w
Page 89 and 90: Photos: Courtesy of Manske & As
Page 91 and 92: Photos: Courtesy of The Communi
Page 93 and 94: Photos: Courtesy of North Shore
Page 95 and 96: Photos: Courtesy of Medallion M
Page 97 and 98: Photos: Courtesy of The Millenn
Page 99 and 100: Photos: Courtesy of Derek Montg
Page 101 and 102: Photo:s Courtesy of Duffy Devel
Page 103 and 104: Photos and Renderings: Courtesy
Page 105 and 106: Photos: Courtesy of Bill Hart w
Page 107 and 108: Renderings: Courtesy of The Yar
Page 109 and 110: Photos: Courtesy of Ebersoldt +
Page 111 and 112: Photos: Courtesy of Northern Ne
Page 113 and 114: Photo: Courtesy of Landmark Ass
Page 115: Photos: Courtesy of DHIC Inc. w
Page 119 and 120: Photos: Courtesy of MEND Inc. w
Page 121 and 122: UNDER RENOVATION UNDER RENOVATI
Page 123 and 124: Renderings: Courtesy of Haley D
Page 125 and 126: Photos: Courtesy of CAMBA educa
Page 127 and 128: Renderings: Courtesy of Herman
Page 129 and 130: Photo: Courtesy of MWA Architec
Page 131 and 132: Rendering: Courtesy of UpStreet
Page 133 and 134: Photos: Courtesy of PIRHL, LLC
Page 135 and 136: Photo: Courtesy of Rick Smoak P
Page 137 and 138: Photo: Courtesy of Sunshine Mat
Page 139 and 140: Photo: Courtesy of GroundFloor
Page 141 and 142: Photos: Courtesy of Wasatch Adv
Page 143 and 144: Photo: Courtesy of Horizon Deve
Page 145 and 146: Photo: Courtesy of Roosevelt Ci
Page 147 and 148: Photos: Courtesy of Wasatch Adv
Page 149 and 150: Photos: Courtesy of Mary Claire
Page 151 and 152: Photos: Courtesy of Eric Taylor
Page 153 and 154: Photo: Courtesy of Locust Hill
Page 155 and 156: Photo: Courtesy of LDG Developm
Page 157 and 158: Photo: Courtesy of Quiana Adams
Page 159 and 160: Photo: Courtesy of William Wrig
Page 161 and 162: Photo: Courtesy of ARC Architec
Page 163 and 164: Photo: Courtesy of Wyoming Hous
Page 165 and 166: About Novogradac & Company About No
show all

LOW-INCOME HOUSING TAX CREDIT SHOWCASE

Create successful ePaper yourself

Delete template?

Save as template?