Glenn Petherick Author Archives

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.

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.

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.

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.

If variety is the spice of life, as the saying goes, then the world of low-income housing tax credits is very well seasoned.

Four community development financial institutions (CDFIs) plan to offer long-term fixed-rate first mortgages for affordable apartment projects and other eligible developments using funds raised under the new federal CDFI Bond Guarantee Program just now getting underway.

National Housing & Rehabilitation Association (NH&RA) has announced the three projects winning Judges Awards in its 2013 J. Timothy Anderson “Timmy” Awards for Excellence in Historic Rehabilitation competition.

If you’re not from Georgia or don’t live there, chances are you haven’t heard the name of the following rural communities: Pine Mountain, Midville, Preston, Talbotton, Cusseta, or Willachoochee.

In the East Harlem section of Manhattan, a Minneapolis-based developer is partnering with a local community organization to produce affordable live/work units for artists and their families while promoting community development and preserving the neighborhood’s rich Latino cultural heritage.

In the low-income housing tax credit (LIHTC) world, there are plenty of opportunities to develop niche housing projects.

Boston Capital continues marketing a national multi-investor fund expected to have closings in December and January, said executive Jeff Goldstein. The anticipated final size is $150 million, the projected after-tax yield to investors is 7.25%, and the fund is fully specified with 37 properties in 16 states.

Many low-income housing tax credit syndicators, large and small, appear to be having a banner year in terms of raising equity through their multi-investor and proprietary funds.