LOW-INCOME HOUSING TAX CREDIT SHOWCASE

Recommendations

Info

Low-Income Housing Tax Credit Showcase VA Funds, LIHTCs Provide Hope to Veterans in Chicago C“The VA wanted the same Combining a U.S. Department of Veteran Affairs (VA) program with low-income housing tax credits (LIHTCs) created an innovative home for veterans: Hope Manor in Chicago. thing we wanted: veterans served in a consistent way,” said Mitchell Milner, a consultant who specializes in financing veterans housing and arranged Hope Manor’s funding for Volunteers of America of Illinois (VOAIL). The development involves a combination of the VA’s Per Diem program, which provides supportive services and temporary housing to formerly homeless vets, with LIHTCs. It created an affordable apartment building that opened in 2012. The VA wanted the samething we wanted: veterans served in a consistent way. Hope Manor features 30 studio apartments, 10 two-bedroom suites and 10 three-bedroom suites. It can house as many as 80 formerly homeless veterans who require different levels of assistance– supportive housing for as many as 50 homeless vets in need of immediate and intensive services, as well as affordable housing for 30 veterans who need less-intense, longer-term assistance. The Chicago Housing Authority (CHA) provides Section 8 vouchers for the studio apartments. Hope Manor’s 20 suites accommodate Per Diem program participants. Suite residents rent one bedroom and sign a rider for the services, which allows VOAIL to connect the services to the Per Diem subsidy instead of the lease. The Per Diem program is part of the VA’s Health Care for Homeless Veterans programs and LEAD DEVELOPER VOLUNTEERS OF AMERICA OF ILLINOIS CATEGORY VETERANS, HOMELESS funds community organizations that provide services to homeless veterans. Those funds can only subsidize Hope Manor’s operational costs, with VOAIL receiving a daily stipend that covers rent and service costs for each Hope Manor resident. VOAIL can charge for rent and services as long as the rent doesn’t exceed 30 percent of the veteran’s monthly income and services are billed at a predetermined rate. Hope Manor provides safe and decent housing and access to supportive services so veterans can get their lives back on track and achieve self-sufficiency. There are services onsite through the Jesse Brown VA Medical Center. There is also a business resource center and health and wellness clinic. The residents have access to employment readiness classes, job training and coaching, computer training, peer support groups, recovery resources, individual counseling and case management services. “The local VA has become an integral partner in the project,” Milner said. “That’s the key to making these projects work. With CONGRESSIONAL DISTRICT ILLINOIS 7TH RENTAL HOMES 50 FINANCING • $9 million in LITC equity from National Equity Fund Inc. • $1.5 development site donation from city of Chicago • $1 million in HOME funds from Illinois Housing Development Authority • $1 million capital grant from Veterans Affairs • $300,000 from Federal Home Loan Bank of Chicago • $210,000 in Illinois Affordable Housing Tax Credits • $125,000 energy grant through Illinois Department of Commerce and Economic Opportunity 64 Novogradac & Company LLP
Photos: Courtesy of Volunteers of America of Illinois [the VA’s] support for these services, this project would be impossible.” “Hope Manor provides safe and decent housing and access to supportive services so veterans can get their lives back on track and achieve self-sufficiency,” said Rebecca Boykin, IDHA’s communications manager. Typically, the Per Diem money goes to transitional housing facilities solely dedicated to assisting veterans. So when VOAIL began planning Hope Manor, it wanted to use the subsidy for use at the affordable housing development. Eventually, the VA agreed to a few program changes that enabled Hope Manor to use the Per Diem funding. VOAIL broke ground on Hope Manor II, the second phase of the Hope Manor Project, in 2013. The Chicago property is focused on the extreme housing needs of veterans with children and has 73 rental homes. Plans are underway for Hope Manor III in Joliet. Meanwhile, Hope Manor provides assistance worthy of its name. ; www.novoco.com 65
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: Photo: Courtesy of Mercy Housin
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?