LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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Table of Contents About This Showcase 1 About the Low-Income Housing Tax Credit 2 Who Lives in LIHTC Properties? 4 LIHTC Timeline 5 Residents’ Incomes and Eligibility 7 LIHTC Property Types, Sizes and Locations 8 LIHTC Rental Homes Change Lives 9 State Housing Leaders Call LIHTC Crucial 10 LIHTC ‘Center of Solar System’ for Developers 11 Investors, Syndicators Hail Value of LIHTC 12 History of Housing Credit Pricing 13 Map of Featured Affordable Properties 14 Featured Affordable Properties Alabama Alabama Gains More Affordable Family Housing 16 After the Storm, Affordable Housing Rebuilt in Birmingham, Ala. 18 Arizona Marquee Apartments Preserve Affordable Senior Housing in Phoenix 20 California LIHTCs Fund Affordable Housing for Disabled Adults 22 Affordable Senior Housing Preserved in Educated Southern California Town 24 Skid Row Hotel Becomes Upgraded Apartments 26 Los Angeles Apartments a Mosaic of Families, Seniors 28 Aging Apartments Get Rebirth in Paso Robles, Calif. 30 Struggling SF Neighborhood Gets Lift from LIHTCs 32 San Francisco Affordable Housing Gets Rehabilitation, Resyndication 34 Affordable Senior Housing Upgraded, Preserved in Sunny Santa Barbara 36 Senior Housing in Santa Cruz, Calif., Gets Upgrade 38 Wait Worth it for Affordable Housing in Santa Monica, Calif. 40 On The Cover Colorado Pilot Program, LIHTCs Preserve Colorado Senior Housing 42 Denver Neighborhood Getting Long-Needed Affordable Housing 44 Denver Apartments Get Update, Expansion 46 New Approach Brings New Housing for Homeless 48 Connecticut Affordable Housing Preserved in Pricey Connecticut City 50 Victory for Affordable Senior Housing in Washington, D.C. 52 District of Columbia Two Tax Credits Combine to Renovate Delaware Apartments 54 Florida Nonprofit Developer Uses LIHTCs to Rescue Complex 56 LIHTCs Turn Miami Vacant Lot into Garden-Style Apartments 58 Georgia Georgia Apartments Get Much-Needed Overhaul 60 Idaho Idaho Seniors Benefit from Attractive, Energy Efficient Housing 62 From top-left then spiral clockwise inward – Photo: Courtesy of DHIC Inc., Photo: Courtesy of Nico Marques / Photekt, Photo: Courtesy of William Wright Photography, Photo: Courtesy of Manske & Associates LLC, Photos: Courtesy of Novogradac & Company LLP, Photos: Courtesy of AMCAL Multi-Housing Inc., Rendering: Courtesy of Herman & Kittle Properties Inc. iv Novogradac & Company LLP
Featured Affordable Properties (cont.) Illinois VA Funds, LIHTCs Provide Hope to Veterans in Chicago 64 Indiana LIHTCs Lead to Change of Housing to Newer, Better Replacement 66 Indiana Senior Housing Addresses Shortage 68 Veterans Find Help, Homes in Indianapolis 70 Historic Building Provides Affordable Housing in South Bend, Ind. 72 Iowa Iowa Hotel Becomes Affordable Housing, Thanks to LIHTCs 74 Kansas College Landmark Becomes Affordable Senior Housing 76 Kentucky LIHTC Properties in Kentucky Change Lives for Students, Families 78 Massachusetts LIHTCs Pave Way for Major Renovation of Boston Public Housing 80 Boston Affordable Apartments Get New Life 82 Cape Cod Town Uses LIHTCs to Build Housing for Residents 84 Historic Apartments in Salem, Mass., Gain Renovation 86 Michigan Veterans Get Affordable Housing Thanks to LIHTCs 88 Michigan Senior Development Gets LIHTC Boost 90 Minnesota Former Duluth, Minn., Firehouse Becomes Affordable Housing 92 Fast-Growing Minnesota Town Gets LIHTC Housing 94 Historic Fort to House Homeless Veterans 96 Missouri Affordable Housing Brings Hope after Missouri Tornado 98 LIHTCs Make Veterans Housing Available in Kansas City 100 Historic St. Louis Buildings Transform Into Affordable Housing for Artists 102 Nevada Reno Development Provides Housing for Families, Special Needs 104 North Carolina Former North Carolina Mills Now Affordable Housing 106 Affordable Housing Improves Lives in North Carolina 108 North Dakota Historic High School Provides Senior Housing in Oil Boom Region 110 Historic School Becomes Housing for Seniors 112 New Jersey New Jersey Affordable Housing Gets Facelift 114 Senior Housing Rises in Wake of Hurricane Sandy 116 New York Brooklyn Hospital Property Becomes Affordable Housing 118 Ohio LIHTCs Provide New Life for Aging Public Housing Site 120 Oregon LIHTCs Finance Facelift for Aging Portland Senior Complex 122 Pennsylvania LIHTC Development Helps Families Near Penn State 124 Historic Area in Pennsylvania Gets Affordable Housing 126 South Carolina Affordable Apartments Diversify Housing Stock in Columbia, S.C. 128 Texas Texas Nonprofit Builds Dream Development 130 Dallas Senior Apartments Prove Popular 132 Utah Growing Utah Town Gains Affordable Senior Housing 134 Utah Housing Success Brings Phase II 136 Utah Program Uses LIHTCs to Assist Ownership 138 Salt Lake City Workers Get ‘Providential’ Help from LIHTC Property 140 Vermont Historic Housing in Vermont Gets LIHTC Boost 142 Virginia LIHTCs Preserve Affordable Homes in Pricey Fairfax County, Va. 144 LIHTCs Help Fund Affordable Housing for Disabled in Virginia 146 LIHTC Development Diversifies Housing in High-Income Area 148 U.S. Virgin Islands Virgin Islands Kick-Start LIHTC Developments 150 Washington Transit-Oriented Property Gives Workers a Home in Seattle 152 LIHTCs Pave Way for More Tribal Housing 154 Wyoming LIHTCs Help Wyoming City Add Affordable Housing 156 For More Information 158 About Novogradac & Company LLP 159 www.novoco.com v
Page 1 and 2: LOW-INCOME HOUSING TAX CREDIT SHOWC
Page 3: Novogradac Special Reports low-inco
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
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Rendering and Photos: Courtesy
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BEFORE AFTER Photos: Courtesy o
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Photos: Courtesy of Liz Roll ww
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Photos: Courtesy of Green Stree
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UNDER RENOVATION UNDER RENOVATI
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Photos: Courtesy of Carrfour Su
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Photos: Courtesy of Prestwick C
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Photo: Courtesy of Mercy Housin
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Photos: Courtesy of Volunteers
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Photos: Courtesy of The Benoit
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Photos: Courtesy of Miller-Vale
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Photo: Courtesy of Megan Barnet
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Photos: Courtesy of South Bend
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Photos: Courtesy of South Bend
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Rendering and Photos: Courtesy
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Photo: Courtesy of The Marian G
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Photos: Courtesy of Andy Ryan w
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Photos: Courtesy of Manske & As
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Photos: Courtesy of The Communi
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Photos: Courtesy of North Shore
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Photos: Courtesy of Medallion M
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Photos: Courtesy of The Millenn
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Photos: Courtesy of Derek Montg
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Photo:s Courtesy of Duffy Devel
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Photos and Renderings: Courtesy
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Photos: Courtesy of Bill Hart w
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Renderings: Courtesy of The Yar
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Photos: Courtesy of Ebersoldt +
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Photos: Courtesy of Northern Ne
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Photo: Courtesy of Landmark Ass
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Photos: Courtesy of DHIC Inc. w
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Photo: Courtesy of Lutheran Soc
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Photos: Courtesy of MEND Inc. w
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UNDER RENOVATION UNDER RENOVATI
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Renderings: Courtesy of Haley D
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Photos: Courtesy of CAMBA educa
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Renderings: Courtesy of Herman
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Photo: Courtesy of MWA Architec
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Rendering: Courtesy of UpStreet
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Photos: Courtesy of PIRHL, LLC
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Photo: Courtesy of Rick Smoak P
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Photo: Courtesy of Sunshine Mat
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Photo: Courtesy of GroundFloor
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Photos: Courtesy of Wasatch Adv
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Photo: Courtesy of Horizon Deve
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Photo: Courtesy of Roosevelt Ci
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Photos: Courtesy of Wasatch Adv
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Photos: Courtesy of Mary Claire
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Photos: Courtesy of Eric Taylor
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Photo: Courtesy of Locust Hill
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Photo: Courtesy of LDG Developm
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Photo: Courtesy of Quiana Adams
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Photo: Courtesy of William Wrig
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Photo: Courtesy of ARC Architec
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Photo: Courtesy of Wyoming Hous
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About Novogradac & Company About No
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LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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