Tax Credit Advisor Article Archives

Affordable assisted living can be a triple winner if it is done right using Medicaid waivers, according to a developer that has an active portfolio of properties in Indiana.

It’s an idyllic scene out of a past when COVID-19 was not disrupting senior communities across the country: Seniors in lawn chairs and wheelchairs have gathered outside their assisted living facility on a sunny day, enjoying a performance by a singer with a guitar.

America has seen shifts in senior care provisions. There are at least some elderly people who prefer to retire near urban centers, not suburban campuses, since that puts them near a greater diversity of people and amenities.

As with every sector of society and level of business, the Covid-19 pandemic has had a profound impact on the affordable housing industry, with owners, managers and front-line workers having to figure out new procedures and ways to adapt.

Litigation surrounding Year 15 exit issues continues to be on the rise and Low Income Housing Tax Credit (LIHTC) developers must take care to fully understand their rights.

“One thing about our company is that we don’t shy away from difficult projects,” says Thomas Brown, vice president of Trinity Financial, Inc. of New York. The proof of that assertion is 425 Grand Concourse, going up on the corner of East 144th Street in the Mott Haven neighborhood of the South Bronx. The 26-story high-rise, slated for mid-2022 occupancy, will comprise 277 units of permanently affordable housing for several distinct income tiers, on-site education and medical facilities, retail and cultural space and an adjacent pubic park with a new comfort station. So complex was the deal structure that it incorporates eight separate condominium structures within the 310,500-square foot building. It will also be one of the tallest passive houses ever constructed, projected to consume 30 percent of the energy of a typical building of similar size.

Bellwether Enterprise, a subsidiary of Enterprise Community Partners, is a major lender of affordable multifamily housing, amassing a $26 billion servicing portfolio. Over the past year, the company has made a major push into workforce housing including opening an office in Dallas devoted exclusively to this market and hiring Anthony Tarter to run it.

While the Covid-19 pandemic has imposed unprecedented stresses and challenges on all levels and aspects of society, affordable housing owners and operators are quickly having to find new ways to manage their properties, interact with residents and meet their variety of special needs. The NRP Group of Cleveland, OH is one company that has come up with some innovative approaches, not only trying to keep residents safe and well, but also to bring some joy to their lives during this trying time.

With regard to Opportunity Zone regulations in the midst of our nation-wide health emergency, specific language, intended to be instructive and, in my opinion, helpful, can leave lawyers in knots when the text is susceptible to being interpreted in more than one way.

There is a “tremendous need” to preserve existing affordable housing in California, according to Jonathan F.P. Rose of the Jonathan Rose Companies.

Planning a workforce housing development at 65 to 120 percent of area median income ordinarily might mean cutting it off from the possibility of equity investments, since Low Income Housing Tax Credit equity eligibility generally tops out at 60 percent AMI, absent income averaging.

Where are plenty of things for people to worry about from coronavirus: the health of themselves and their family; the wellbeing of medical workers; and the economic impact of a prolonged shutdown.