Glenn Petherick • 3 min read
Construction has begun to transform a long vacant Pillsbury flour mill on the banks of the Mississippi River in Minneapolis into artist loft apartments, in a $150 million project financed in part by equity generated by federal and state tax credits.
Glenn Petherick • 7 min read
It isn’t hard to imagine the next Mrs. Fields ramping up her new start-up cookie business in a low-rise industrial building being redeveloped in Boston’s Dorchester neighborhood.
Glenn Petherick • 4 min read
The Delaware Community Investment Corporation has merged with Great Lakes Capital Fund in a transaction that will benefit both organizations, which provide debt and equity for affordable housing and community development transactions.
Eric Gockel • 3 min read
On November 14, the Financial Accounting Standards Board’s (FASB) Emerging Issues Task Force (EITF) reached consensus on amendments to Generally Accepted Accounting Principles (GAAP) for accounting by investors in low-income housing tax credit (LIHTC) investments.
Eric Gockel • 5 min read
Through the creation of a different structuring model, Smith NMTC Associates, LLC (SNMTC) is making it possible for smaller projects to gain access to new markets tax credit (NMTC) financing by reducing initial and ongoing transaction costs. This “open capitalization” model can be used to fund qualified low-income community investments (QLICIs) as small as $500,000, rather than the usual industry minimum of $5 million.
Glenn Petherick • 4 min read
The Wisconsin Housing and Economic Development Authority (WHEDA) has awarded low-income housing tax credits (LIHTC) to four developments selected in its first separate competitive funding round for “high impact” projects.
Glenn Petherick • 4 min read
Developers and owners should take a proactive approach when it comes to property tax assessments for low-income housing tax credit (LIHTC) projects. Aggressive early and ongoing actions can prevent or minimize excessive assessments that can jeopardize the financial viability of a property, said panelists at the recent 2013 Annual Meeting of the National Council of Housing Market Analysts in Columbus, Ohio.
Glenn Petherick • 7 min read
In the 15 months since the jarring federal appeals court decision in Historic Boardwalk Hall, which prompted a sharp reduction in the availability of investor equity for new real estate projects planning to use federal historic rehabilitation tax credits, some deals have moved forward and closed, according to sources. Some have had modified structures compared to typical pre-HBH transactions while others have been little changed, they say.
Glenn Petherick • 12 min read
In Philadelphia, Miss., a city of nearly 7,500 with a median household income just under $30,000, local officials in June celebrated the opening of a 52,000-square-foot expansion of the local Neshoba County Hospital and Nursing Home that was financed with new markets tax credits. The expansion added a new emergency room, four-bed intensive care unit, 25 patient beds, radiology department, surgery suite, and pharmacy.
Thomas Amdur • 3 min read
The season of holiday parties and the last minute push to close transactions will keep us all busy this month. That’s right; we made it to the end of the year, mostly intact, and not a moment too soon. Frankly, after observing our political system in action this year (or, perhaps more accurately, inaction) I was not sure we were going to make it.
Glenn Petherick • 5 min read
In the city of Milwaukee, Wisc., where many neighborhoods have been pockmarked by foreclosed and abandoned homes, two for-profit developers are teaming up to restore some of these derelict properties to productive use as renovated, affordable rental housing.
Glenn Petherick • 3 min read
My heavy old dictionary – a thousand-plus yellowed pages – defines transformation as a major or radical change in the appearance or nature of someone or something.