LOW-INCOME HOUSING TAX CREDIT SHOWCASE

Recommendations

Info

Low-Income Housing Tax Credit Showcase Alabama Gains More Affordable Family Housing AThe 70-apartment, 11-building Around Huntsville, Ala., the need for affordable housing is perhaps only eclipsed by the need for affordable family housing. Spring Branch Apartments addresses that need. development was restored and renovated in 2013 from an aging 90-apartment complex. It once housed African-American soldiers who worked at a local Army base during World War II, and then the owner in 1990 used lowincome housing tax credits (LIHTCs) to redevelop it. In 2013, the new owners did it again, rehabilitating it and changing the name from Burgundy Square Apartments to Spring Branch Apartments. “There is definitely a demand for affordable housing in Huntsville,” said Kenneth Benion, Huntsville’s director of community development. “But the need for affordable housing for families is especially high.” Enter Spring Branch, which has rental homes reserved for residents earning up to 60 percent of the area median income (AMI). The new Spring Branch Apartments feature 56 twobedroom, eight three-bedroom and four four-bedroom rental homes, plus two additional rental homes for on-site staff. During redevelopment, one of the old buildings was torn down to make way for a community garden where residents can grow their own fruits and vegetables, as well as a splash park where children can play during hot weather. There are other communal amenities, including a clubhouse with a television and Wi-Fi, a computer lab, a covered pavilion, a central laundry facility, a learning center for children, a playground, 24-hour emergency maintenance services and an onsite manager. The rental homes were upgraded to include a combination of carpeted and faux wood-plank flooring, ceiling fans in the living rooms and bedrooms, central heating and air conditioning, Energy Star-rated appliances, new LEAD DEVELOPER NEIGHBORHOOD CONCEPTS INC. CATEGORY FAMILIES, PRESERVING EXISTING AFFORDABLE, GREEN DEVELOPMENT cabinets and countertops, and spacious closets. “The building was starting to show its age,” said Mary Ellen Judah, executive Director of Neighborhood Concepts, a Huntsville-based nonprofit affordable housing developer. “We are a nonprofit organization and it’s our mission to provide affordable housing. It is There is definitely a demand for affordable housing in Huntsville. But the need for affordable housing for families is especially high. important that we serve low-income residents seeking housing.” Once Spring Branch was completed in November 2013, it quickly leased up. “Many developers are turning to rehabilitation to preserve and improve Alabama’s aging housing stock,” said Robert Strickland, executive director of the Alabama Housing Finance Authority, which provided the $5.65 million LIHTC allocation. “Though not a process to be taken lightly, successful rehabs can improve the quality of housing, as well as the quality of life for residents.” At Spring Branch Apartments, that’s a daily fact of life. ; CONGRESSIONAL DISTRICT ALABAMA 5TH RENTAL HOMES 125 FINANCING • $5 million LIHTC equity investment from PNC Bank • Roughly $1.7 million in construction and permanent financing from PNC Bank • $820,000 in outstanding HUD Urban Development Action Grant funding left over from Spring Branch Apartment’s, formerly Burgundy Square’s, original financial structure • $246,000 in outstanding CDBG financing left over from Spring Branch Apartment’s, formerly Burgundy Square’s, original financial structure 16 Novogradac & Company LLP
Alabama Gains More Affordable Family Housing Photos: Courtesy of Neighborhood Concepts Inc. www.novoco.com 17
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: 33 34 36 35 39 40 41 64 38 37 43 30
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 and 116:
Photos: Courtesy of DHIC Inc. w
Page 117 and 118:
Photo: Courtesy of Lutheran Soc
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?