The Best Projects in the Nation
By Caitlin Jones
5 min read
Tax Credit Coalition Presents Excellence Awards
The Affordable Housing Tax Credit Coalition recognized winners of the 16th Annual Charles L. Edson Tax Credit Excellence Awards at a Capitol Hill luncheon ceremony on June 2 in Washington, D.C.
The awards honor outstanding affordable rental housing developments in the U.S. funded with the federal low-income housing tax credit.
This year’s competition attracted 40 nominations of projects in 20 states. A panel of judges selected six first-place finishers and nine honorable mentions in six categories.
Category winners were:
Metropolitan/Urban Housing
National Park Seminary
Silver Spring, Md.
This 56-unit property in suburban Washington, D.C. targets renters between 50 and 60 percent of area median income; none of the apartments have a similar floor plan. The project was developed by The Alexander Company as part of a redevelopment of an historic campus containing 23 buildings dating back to 1887. The site was previously used as a summer retreat for wealthy families, woman’s finishing school, and finally a veterans’ rehabilitation center before falling into vacancy and disrepair for 25 years. In addition to a new structure, National Park Seminary provides services to the residents and surrounding community. A four-story Gothic ballroom provides space for educational programs and community gatherings. Equity generated by the syndication of low-income housing tax credits was combined with other funding sources to finance the project.
Rural Housing
Jordan’s Gate
Opelika, Ala.
Containing 48 affordable single-family rental homes, this development is located in a poverty-stricken census tract in a city of 23,000 people. Residents will have the option to buy their homes at the end of 15 years. Developed by Greater Peace Community Development Corporation in partnership with The Bennett Group, the project serves residents at or below 60 percent of area median income, and consists of three- and four-bedroom homes with front porches, spacious lots, and energy-efficient appliances. A central community building has a computer center, fitness center, and community space. Funding sources included $8 million in LIHTC equity from Columbia, Md.-based Enterprise, a loan and grant from Enterprise, and bank construction and permanent financing.
Senior Housing
The Terraces on Tulane
New Orleans, La.
Volunteers of America National Services developed this new property after determining that it could not rebuild an existing Section 202 property on the site – Forest Tower East – that was devastated by Hurricane Katrina. Built to meet or exceed Enterprise’s Green Communities Criteria, Terraces on Tulane has many green and sustainable features, such as an energy-efficient roof, lighting, and windows; water-conserving fixtures; and water-saving irrigation system and landscaping. Completed in January 2010, the 200-unit development provides affordable housing for low-income seniors as well as numerous amenities and services. Funding sources included equity from JPMorgan Chase generated by “GO Zone” housing credits, monies from the city and the Major League Baseball Players Trust, and operating subsidies.
Special Needs Housing
Louisville Scholar House
Louisville, Ky.
Very low-income single parents and their children occupy this new 56-unit property developed by Family Scholar House, Inc. In addition to housing, it provides a full range of supportive services for residents, including academic counseling, case management, on-site day care, workforce development, life-skills training, and assistance with transportation and basic family needs. All heads of household are required by their lease agreement to be full-time college students pursuing undergraduate or technical post-secondary education. An on-site child development center called the Early Learning Campus serves the youngest children. Funding sources for the project included LIHTC equity from National City Bank (now part of PNC), federal HOME and CDBG dollars, and other resources.
Green Housing
Equinox
Missoula, Mont.
This new 35-unit development targets renters at 30, 40, and 50 percent of area median income. Developed by homeWORD, and conforming to universal design principles, it contains one- and two-bedroom apartments, all designed to be accessible or adaptable. The project has many green and sustainable features. Built on the parking lot of a former bowling alley, the asphalt paving was reclaimed for recycling during reconstruction. In addition to the redevelopment of this “grey field,” the project boasts of energy-efficient windows, super-efficient insulation, Energy Star appliances, water-conserving fixtures, a gray water collection system, power-generating solar panels, a green manual for residents, and other features. A range of supportive services are provided, including a HomeOwnership Center serving both residents and the community. Funding sources included LIHTC equity from US Bancorp Community Development Corporation, federal HOME and CDBG dollars, and other monies.
Public Housing Revitalization
Newport Heights Phase IV
Newport, R.I.
Developed by Valley Affordable Housing Corp., this new property contains 37 affordable rental units and seven homeownership units, in the fourth of a five-phase public housing revitalization project by the Newport Housing Authority. While consisting primarily of duplexes, the development is designed to look like single-family homes in order to pave the way for the many homeownership units planned in the final phase. The project embodies smart growth principles and provides residents with both housing and services. Funding sources included LIHTC equity, a first mortgage, federal HOME dollars, a targeted loan, and other monies.
Honorable Mention awards went to:
Metropolitan/Urban Housing
Ashland Village – San Leandro, Calif.
Rural Housing
Hooper Bay – Hooper Bay, Alaska
The Whitman – Pocatello, Idaho
Senior Housing
Kelly Ridge – South Lake Tahoe, Calif. (see photo on cover)
Weinberg Manor East and West – Baltimore, Md.
Special Needs Housing
Newark Genesis – Newark, N.J.
Silver Star Apartments – Battle Creek, Mich.
Green Housing
Bishop Swing Community House – San Francisco, Calif.
Cedars/Fox Hall – Bronx, N.Y.
