Innovative Developments Honored With Tax Credit Excellence Awards
By Caitlin Jones
8 min read
Tax Credit Advisor, July 2009: The Affordable Housing Tax Credit Coalition has recognized 13 outstanding and innovative low-income housing tax credit developments across the nation in the 15th Annual Charles L. Edson Tax Credit Excellence Awards competition.
The awards were presented at a luncheon ceremony on June 10th in Washington, DC.
This year, entries competed in six categories: Metropolitan/Urban Housing; Rural Housing; Special Needs Housing; Senior Housing; Public Housing Revitalization; and Green Housing (new). Edson Awards were made to one winning development in each category. In addition, seven developments received Honorable Mention recognition.
A panel of judges selected the winners from 40 applications representing projects in 19 states.
Following is a description of each winning project:
Winner
Metropolitan/Urban Housing
Verne Barry Place
Grand Rapids, MI
Developer Dwelling Place, Inc. renovated and expanded this public housing project into 118 units of affordable rental housing, a major portion of which are intended for formerly homeless, disabled individuals. The project involved the historic rehabilitation of three aging buildings and the construction of a new LEED Gold-certified tower to link them. Located in a burgeoning downtown arts district, Verne Barry Place is part of Michigan’s Cool Cities program, designed to revitalize distressed neighborhoods in the state.
The property, entirely handicapped-accessible, offers a wide range of services to residents, including GED classes, English as a second language, art classes, computer training, and counseling. Two on-site full-time resident service coordinators arrange for access to job services, alcohol and drug counseling, medical care, and other social services. A partnership with a nearby apartment complex enables residents who can’t cook for themselves to participate in a meal program, and free health and dental clinics are just blocks away.
Funding sources included equity generated by the syndication, by National Equity Fund, Inc., of federal low-income housing and historic rehabilitation tax credits; federal HOME program dollars; state and local grants; Federal Home Loan Bank Affordable Housing Program funds; a construction loan from Charter One Bank; and charitable donations.
Equity investors include California Bank & Trust, Citicorp, Fannie Mae, Freddie Mac, HSBC, JPMorgan Chase, and LaSalle Bank Community Development Corporation.
Winner – Rural Housing
Red Hawk Apartments
Springdale, UT
This new mixed-income community contains 22 low-income housing tax credit apartment units, serving households making as little as 37% of the area median income (AMI), plus 15 single-family homes. Developed by Color Country Community Housing, Inc., the development is in a community of 500 people located near Zion National Park.
The property has one-, two-, and three-bedroom apartments, four of which are handicapped-accessible. All units have Energy Star appliances, and passive solar heat is used in common areas and stairwells.
Funding sources included equity generated by the syndication of housing credits by Enterprise Community Partners, and loan guarantees and construction financing from the Utah Community Reinvestment Corporation. American Express is a major investor in the project.
Winner – Senior Housing
The Meadows
North Smithfield, RI
Developed by NeighborWorks Blackstone River Valley, this $20 million, 80-unit project is a newly constructed two-story building with one- and two-bedroom apartments renting from $754 to $825 per month. All units are restricted to individuals 62 or older and are handicapped-accessible or adaptable. Sixty-six percent of the apartments are reserved for residents earning 50% or less of AMI; the remainder, for tenants at 50% to 60% of AMI. The property has a community center, care, wellness center, library, and computer center.
Residents can “age in place” easily, with access to services made possible by partnerships with the Grey Panthers, Home Front Nursing Services, and Senior Services. Nurse visits, on-site meal programs, senior job programs, and educational and wellness activities are part of the mix.
The project is one of the first senior housing projects in the U.S. to combine, as part of its financing package, federal low-income housing tax credits and a capital grant under the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program.
Funding sources included equity generated by the syndication of housing credits by National Equity Fund, Inc.; tax-exempt bond financing; a construction loan from Citizens Bank; federal Community Development Block Grant funds from the city; and soft financing from a state program. The project has a geothermal heating/cooling system and received a grant from NeighborWorks America to purchase Energy Star appliances and Hardiplank siding.
Equity investors are Allstate, Citicorp, Comerica, Fannie Mae, Freddie Mac, Fifth Third Bank, HSBC, JPMorgan Chase, U.S. Bancorp, and Wells Fargo.
Winner
Special Needs Housing
Family Commons
at Cabrillo
Long Beach, CA
Comprised of 81 low-income housing tax credit apartments targeted to formerly homeless veterans and their families, Family Commons at Cabrillo is part of a larger residential development called Century Village at Cabrillo. Built on a 26-acre former U.S. Navy housing site first transferred to the city, and eventually to the nonprofit developer, Century Housing, this larger development provides a continuum of housing – emergency shelter, transitional, and permanent rental – for the formerly homeless plus comprehensive services for residents and members of the surrounding community.
Of the 81 credit units, 40 are for families with one or more disabled members. Services offered include life skills training, mental health counseling, after-school activities (e.g., tutoring), child care, and intensive case management, including for residents who’ve suffered psychological or physical trauma as the result of military service, domestic violence, or homelessness. A unique Adopt-a-Home program raised $40,000 in donations to furnish 40 units.
The development has three community buildings, used for counseling, classrooms, and volunteer activities, and various green features, such as high-efficiency tankless water heaters, Energy Star appliances, and recycled content carpeting.
Funding sources included equity generated by housing credits purchased by a direct investor, John Hancock Realty Advisors, Inc.; soft permanent financing from the City of Long Beach’s Housing Development Company; Affordable Housing Program funds from the Federal Home Loan Bank of San Francisco; and developer funds.
Winner
Public Housing Revitalization
Gulf Breeze Apartments
Punta Gorda, FL
Built in the wake of 2004 Hurricane Charley, Gulf Breeze has 171 total apartments: 85 public housing units, 83 housing credit units, and three market-rate units.
Developed by Norstar Development USA, L.P., the project is spread over 12 acres and consists of multiple buildings each with three to four townhome-style apartments. Each unit has its own front porch facing “Main Street” internal roads; Energy Star appliances; and a hurricane-resistant design, with strong infrastructure, metal roofs, and high-impact windows.
The development has a 7,000-square-foot community center with on-site community police center.
A wide range of resident services are provided, including those to foster greater self-sufficiency (financial, homeownership education); after school programs; tax return preparation assistance; child care resources; parenting counseling; and a lunch program for senior and disabled residents. Referrals provide access to free health clinics, pharmacies, and vision services; grocery purchases at reduced prices; and free emergency cell phones.
Funding sources included equity generated by the syndication of housing credits by RBC Capital Markets; state recovery program loans; insurance proceeds; HUD disaster grant funds; tax-exempt bond financing; and Federal Home Loan Bank of Atlanta Affordable Housing Program funds.
Winner – Green Housing
Intervale Green
South Bronx, NY
The largest Energy Star-certified multifamily high-rise apartment complex in the U.S., Intervale Green provides 128 units of affordable rental housing in the distressed Crotona Park neighborhood. It’s estimated the property, constructed on a vacant city-owned brownfield site, will use 38% less energy than a conventional multifamily building, due to green and sustainable features. These include two green roofs, Energy Star appliances, low-e argon windows, and high-efficiency insulation. The property also has a public sculpture garden.
This project is the first step by the developer, Women’s Housing and Economic Corporation (WHEDCo), in a multi-year effort with local businesses, groups, and elected officials, to improve the lives of neighborhood residents and to spur economic growth. Forty percent of neighborhood residents are poor, 60% receive income support, and crime and drugs are pervasive.
Intervale Green was the first building in New York City to participate in the Enterprise Green Communities program, the first national green building program developed for affordable housing. It also participated in the New York State Energy Research and Development Authority’s Multifamily Performance Program.
Each unit has a desktop computer with high-speed Internet access, and residents have access to various services. A social worker and a family support worker are present on-site.
Funding sources included tax-exempt bond financing, equity generated by the sale of 4% housing credits, and a mixed-income rental program subsidy from the city, along with funds from the city council, Enterprise Green Communities Initiative, and the Bronx Institute for Energy and Environment.
