David A. Smith • 5 min read
Do you want to be an affordable housing investment banker, a titan of structured finance making a market in low-income housing tax credits? You are ready to spend hours upon end laboriously gathering minute financial information on a proposed property; analyzing its risks in painstaking detail; performing two-dimensional scenario sensitivity analysis; and then surfacing and innovatively managing transaction, operational, and counterparty risks.
Glenn Petherick • 3 min read
In Hartford, Conn., nicknamed the insurance capital of the world, work has begun on redeveloping a vacant, iconic 26-story office tower in the city’s central business district into housing, retail outlets, and parking.
Glenn Petherick • 3 min read
The amount of investor equity for new stand-alone historic rehabilitation tax credit deals still hasn’t rebounded to the level of a few years ago before the Historic Boardwalk Hall decision. Industry officials reported that investors, developers, and tax attorneys are still trying to reach agreement on certain structuring aspects for new deals to be comfortable they will fall under the safe harbor outlined in recent IRS Revenue Procedure 2014-12.
Glenn Petherick • 9 min read
Syndicators are getting positive feedback as they talk to companies to try to get them to start investing in low-income housing tax credits, while nervously trying to keep the after-tax yield on new national multi-investor funds at or above 7%, a tough challenge given persistently strong credit pricing to developers.
Glenn Petherick • 3 min read
The federal new markets tax credit is helping to finance a project in the South Bronx in New York City that will transform an underutilized municipal parking lot into an 88,000 square-foot mixed-use commercial and community facility.
Marty Bell • 6 min read
More than 120 enthusiastic energy- and cost- concerned representatives from a variety of affordable housing companies and organizations filled a conference room in a building adjacent to Philadelphia’s 30th Street Station on April 3 for a frank and incisive, daylong look at the true financial benefits that can be reaped from best practices in energy and water efficiency.
Glenn Petherick • 3 min read
Sometimes we forget just how good we have it. Every now and then, we need to stop and smell the roses as the saying goes.
Thomas Amdur • 3 min read
In many ways the low-income housing tax credit market is a bit of an enigma – both transparent and opaque.
Glenn Petherick • 4 min read
Residents get their electricity mostly for free at Arbor Green Apartments, a new 40-unit low-income housing tax credit (LIHTC) development in Los Angeles County.
Glenn Petherick • 5 min read
For California developer/owner Michael Costa, a lengthy pipeline of future affordable housing disposition and preservation transactions is just getting started.
Glenn Petherick • 9 min read
After a green affordable multifamily rental housing project is completed, either through new construction or renovation, will the expected energy and water cost savings actually be achieved?
Nancy S. Rase • 6 min read
The Housing Partnership Equity Trust, a private real estate investment trust devoted exclusively to acquiring and preserving affordable and workforce multifamily rental housing properties, is the first affordable housing REIT launched by nonprofits.