Latest news with #LIHTC
Business Wire
3 days ago
- Business
- Business Wire
Churchill Stateside Group Closes $7,237,900 FHA/HUD 221(d)(4) Loan for 84-Unit Affordable Family Housing Community in Panama City, FL
CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC ('CSG'), a real estate and renewable energy financial services company, is pleased to announce the closing of a $7,237,900 FHA/HUD 221(d)(4) Loan for Tranquility at St. Andrews, an 84-unit new construction affordable housing community located in Panama City, Florida. The FHA/HUD 221(d)(4), provided through Churchill Mortgage Investment LLC ('CMI'), will fund both the construction and permanent financing of this new garden-style apartment community. The FHA/HUD 221(d)(4) loan is a nonrecourse loan with a 40-year term and amortization and an exceptionally low rate. In addition, the equity is funded through the syndication of 9% Low-Income Housing Tax Credits (LIHTC). Tranquility at Saint Andrews will consist of three three-story buildings, offering 42 two-bedroom and 42 three-bedroom apartments. Of the 84 total units, 73 will be income-restricted at 60% of the Area Median Income (AMI), 9 units will be restricted to 40% AMI, and the remaining 2 units will be rented at market rate. Each apartment will feature private patios or balconies, and residents will have access to community amenities including a swimming pool, fitness center, business center, playground, and clubhouse, enhancing quality of life and providing a positive living environment for families in the Panama City area. Dan Duda, Executive Vice President, National Director of Originations & Acquisitions for CSG, commented, 'Tranquility at Saint Andrews represents the type of meaningful development we are proud to support. This project will help address the growing need for high-quality affordable housing in Panama City while providing families with long-term stability and access to key amenities. We are honored to work with our development partners to bring this community to life.' Keith Gloeckl, Chief Executive Officer of CSG, added, 'At Churchill, we are committed to financing housing solutions that make a lasting impact. Tranquility at Saint Andrews not only expands the supply of affordable housing, but it does so in a way that promotes dignity, community, and opportunity for its residents. We are proud to play a part in this important effort.' Churchill Stateside Group continues to be a leader in affordable housing finance, dedicated to advancing strong, inclusive communities through creative, client-focused capital solutions. Looking for creative financing solutions for your next affordable housing project? Visit us at or reach out to our production team at production@ Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6.5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.
Associated Press
02-07-2025
- Business
- Associated Press
Crux Commercial Partners Arranges $19M Proforma LIHTC Multifamily Loan in PNW
Crux Commercial Partners arranged a $19.05 million proforma loan for the acquisition and rehabilitation of a 200+ unit LIHTC multifamily property in the Pacific Northwest. The financing features a 5-year fixed rate, 12 months interest-only and waived reserve requirements, despite borrower inexperience with affordable housing. Tacoma, Washington, United States, July 2, 2025 -- Crux Commercial Partners arranged $19.05 million in acquisition financing for a Pacific Northwest multifamily property governed by Low-Income Housing Tax Credit (LIHTC) restrictions. The borrower, a repeat client with no prior experience in affordable housing, aimed to acquire and rehabilitate the 200+ unit asset while bringing operations up to AMI thresholds. LIHTC properties carry compliance requirements and income restrictions that often limit financing options. Crux navigated these constraints by structuring a proforma-based loan that accommodated the property's 20% vacancy and eliminated the need for operating reserves—reducing the client's upfront costs by nearly $700,000. The result was a fixed-rate, flexible structure designed to support both the acquisition and long-term repositioning of the asset. This financing structure gave the client room to improve operations while avoiding the typical liquidity demands that come with deed-restricted acquisitions. Project Financing Highlights: • Loan Amount: $19,050,000 • Location: Pacific Northwest • Property Type: LIHTC multifamily (200+ units) • Loan Structure: Proforma-based acquisition loan • Rate/Term: 6.4% fixed, 5-year fixed rate, 10-year total term, 30-year amortization • Interest-Only Period: 12 months • Vacancy at Close: 20% • Operating Reserves: None required • Borrower Type: Repeat client, first LIHTC transaction 'In today's environment, placing a high-leverage loan on a deed-restricted asset with 20% vacancy and no borrower history in the LIHTC space requires precision,' said Jacob Wilson, co-founder of Crux Commercial Partners. 'We were able to present a strong proforma, navigate lender concerns, and eliminate reserve requirements, saving our client nearly $700,000 in upfront capital.' Crux's hands-on approach from underwriting through close helped mitigate perceived risk and position the deal for approval. The firm's capital relationships and credibility in the market played a critical role in securing favorable terms on an otherwise complex, high-risk transaction. This transaction adds to Crux's growing record of financing mission-driven housing projects, including affordable, workforce, and mixed-income multifamily deals throughout the Pacific Northwest. About Crux Commercial Partners Crux Commercial Partners is a boutique capital advisory firm headquartered in Tacoma, WA. The company has closed over $4.5 billion in financing across multifamily, industrial, self-storage, and nonprofit sectors, helping clients secure tailored capital solutions in fast-changing markets. Crux draws on a wide network of institutional and private lenders to structure financing with speed, flexibility, and long-term value. Visit to learn more. About the company: US Commercial Lending News delivers expert reporting and industry analysis across commercial real estate, lending, banking, finance, and investment sectors. From interest rate trends to major acquisitions and market-shaping technologies, our coverage connects decision-makers to the insights that drive the future of business and investment. Contact Info: Name: Ed Winslow Email: Send Email Organization: US Commercial Lending News Address: 135 West 36th Street, New York, NY 10018, United States Phone: 203-912-7244 Website: Release ID: 89163674 In the event of encountering any errors, concerns, or inconsistencies within the content shared in this press release, we kindly request that you immediately contact us at [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our dedicated team will be readily accessible to address your feedback within 8 hours and take appropriate measures to rectify any identified issues or facilitate press release takedowns. Ensuring accuracy and reliability are central to our commitment.
Yahoo
01-07-2025
- Business
- Yahoo
Novogradac Celebrates Greatness in Affordable Housing Nationwide with 2025 Developments of Distinction Awards
Five Properties in Three States, U.S. Virgin Islands Awarded Company's Annual Awards SAN FRANCISCO, July 1, 2025 /PRNewswire/ -- Properties in California, Massachusetts, New York and the U.S. Virgin Islands won Novogradac Journal of Tax Credits Developments of Distinction Awards for 2025. The awards go to participants who strive for excellence in affordable housing. Eligible properties are financed by equity from low-income housing tax credits (LIHTCs) or U.S. Department of Housing and Urban Development (HUD) funding. This year's winning developments are: Renaissance at Lincoln Park in New Rochelle, New York, for Metropolitan Community Impact. Walter I.M. Hodge Pavilion in Frederiksted, St. Croix, U.S. Virgin Islands, for Rural Community Impact. The Lyndia in Boston for Special Needs Population. Williamsburg Houses in New York City's Brooklyn borough for Preservation of Affordable Housing. Rancho Las Bolsas in Temecula, California, for Preservation of Family Housing. Winners will be honored at the Novogradac 2025 Housing Tax Credit and Bonds Conference, Sept. 25-26 in Nashville, Tennessee. Renaissance at Lincoln Park expanded an aging Boys & Girls Club facility in New Rochelle, New York, adding 179 affordable apartments in a new, $96.7 million expansion of the property. The NRP Group, Forward Thinkers Development and Lincoln Renaissance HDFC developed the property, which opened in May 2024. It is adjacent to a new, state-of-the-art, 22,000-square-foot Boys & Girls Club of New Rochelle. The development received a $33.3 million LIHTC allocation, with Redstone providing $31.5 million in tax credit equity. Walter I.M. Hodge Pavilion in Frederiksted, St. Croix, U.S. Virgin Islands, undertook a conversion through HUD's Rental Assistance Demonstration (RAD) program after a pair of 2017 hurricanes left more than 100 apartments uninhabitable. MDG Real Estate Partners and Virgin Islands Housing Authority preserved and renovated 248 apartments, providing modern upgrades, appliances and green/clean energy features. The rehabilitation effort combined several federal financing sources, including Community Development Block Grant-Disaster Recovery funding, multiple Federal Emergency Management Agency sources and $27.4 million in LIHTC equity from Goldman Sachs Bank along with $300,000 in solar tax credit equity. The Lyndia in Boston brought The Community Builders and Pine Street Inn (PSI) together to construct one of the largest permanent supportive housing (PSH) properties in New England. The 202-apartment development in Boston's Jamaica Plain neighborhood adds to a site that already included PSI's office and warehouse space. The five-story, 144,400-square-foot, mixed-use site includes 202 apartments, 140 of which are PSH. Bank of America invested $51.8 million in LIHTC equity for the $123.4 million property. The Williamsburg Houses, one of the oldest properties in the New York City Housing Authority's portfolio, was rebuilt with a combination of historic tax credits and HUD's RAD program. The massive, 1,621-home property was in a gentrifying area and needed urgent repairs. A joint venture between MDG Real Estate Partners LLC and Wavecrest Management Group known as RDC Development redeveloped the 20 four-story residential buildings and community center, delivering home renovations as well as an Inspired Path Forward Scholarship exclusive to residents of up to $5,000 for 15 recipients annually for education-related support. The developers were awarded $141 million in state and federal HTCs, for which JPMorgan Chase was the investor. Rancho Las Bolsas in Temecula, California, incorporated a 55-home development into a larger 270-apartment market-rate development. Jamboree Housing Corporation developed the property, a three-building site designed to offer on-site services that support long-term success. Jamboree partnered with The Riverside University Health System to provide extensive case management services for all homes. The property received $15 million in federal and state LIHTC equity from U.S. Bank. Additional details about the award winners and information on how to nominate a development for the 2026 round of awards can be found at About NovogradacNovogradac, which has been in business for 35 years, has grown to more than 850 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy. For additional information on Novogradac's personnel and areas of expertise, visit or call (415) 356-8000. View original content: SOURCE Novogradac & Company LLP Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
01-07-2025
- Business
- Forbes
Tax Credit Housing Project Costs Continue To Be 'Ridiculous.'
Sen. Todd Young (R-IN) talks to reporters just off the floor of the Senate Chamber. Senator Young ... More remains one of the biggest boosters of the Low Income Housing Tax Credit (LIHTC) program in spite of it's costs (Photo by) There is a shocking story in the Washington Post with the headline, These publicly funded homes for the poor cost $1.2 million each to build. For me, what's shocking is not the cost, but that there is surprise among the people quoted in the story, especially a Washington D.C. City Councilmember who attended a ribbon cutting for the project only later to find out the price tag. I've been watching the per unit cost of 'affordable' housing, especially projects built using Low Income Housing Tax Credits (LITHC) climb for years. That simply is not a surprise to me or anyone else paying attention. That the Washington Post and local political leaders are just now figuring this out is scandalous and only emphasizes the ongoing need for reform. The Post story highlights 5 projects that range from $785,293 per unit to the $1,182,017 per unit. Costs for LIHTC projects continue to be "ridiculous." Taking the math further, that's 468 units for a total of $438,262,683 or $936,458.72 per unit. To get a sense of the scale of this spending, consider that the average house in Washington D.C., according to Zillow, sells for $607,908, or $328,550.72 less than the average cost of the units created in these projects. Also consider that for the price of building 1 unit at the pricey Ontario Place project, one could buy two homes in the District of Columbia, priced at $591,008 each. Finally, in Adams Morgan where the Ontario Place project was built, the average price, again, according to Zillow, is just $597,832. What's the excuse? Jubilee, the developer, told the Post in a statement (they wouldn't return phone calls), that 'Placing deeply affordable housing in high opportunity neighborhoods with on site and nearby programs and services helps harness the power of zip code.' The Post explains that the developer believes that 'The location promotes tenants' success by connecting them to high-performing schools, transportation options, grocery stores and other advantages, the statement said.' For these prices, Jubilee could just buy all the tenants a new car and free food and delivery for life from Whole Foods. And D.C. Council Chairman Phil Mendelson, according to the Post, called the spending 'ridiculous' and 'really disturbing.' I agree. And so would most people in the housing world. Yet the culprits behind these projects wouldn't go on the record in an interview, and if they responded at all, sent a statement. The problem is the 'power of the zip code' doesn't make any sense. Why are market rate units, houses not apartments, selling – not renting – for half the cost of these rental units. If the 'power of the zip code' was a real thing, it would have made more sense to buy 900 people houses in Adams Morgan and other DC neighborhoods rather than building them and having to operate them into the future. But Mendelson is part of the problem too. He says in his comments that choices have to be made to avoid these kinds of costs. 'But that analytical work has never happened.' But yes, it has. I've been doing it for years. About 6 years ago, I looked at 10 years of LIHTC projects in Seattle and found that the average cost per unit over the period was about $245,000 per unit. What I found is that, depending on the year, the costs per unit were almost always the same or higher than a typical single-family home. One of the most egregious cases was a project called 12th Avenue Arts that rang in at $47 million for 88 units, a total development cost of $534,000 per unit. I wrote about that project in 2016 in a post titled When Will Affordable Housing Advocates Push For More Supply, Fewer Rules? The answer, based on the numbers from D.C. seems like never. One of the people that is most stubborn in their support of these spendy projects is Senator Todd Young, a Republican from Indiana. In his state there is one project, Artesian Place in Martinsville, Indiana with a price tag of $15,307,352 for 34 units, a total development cost of $450,216 per unit. How much to buy a single-family house, with three bedrooms in Martinsville? Listings on Zillow range from $200,000 to $450,000. According to Senator Young in a recent statement expressing his support for the expansion of LIHTC, this sort of 'investment' will 'help to tackle the housing affordability crisis head on to help Hoosier families, expand our workforce, and strengthen our communities.' Senator Young needs to turn over his membership card in the conservative club if he's going to support such profligate spending. If a Republican from Indiana won't hit the pause button on this sort of outrageous spending, it's difficult to see where the political will can come from. I thought maybe total development cost hitting $1 million per unit might be the threshold that would start a move toward reform. But as I put it in a post here a few years ago, Senator Young and his fellow LIHTC boosters seem to be saying what Nixon told John Dean when the later said keeping Watergate quiet could cost $1 million dollars: 'We could get that.'
Yahoo
01-07-2025
- Business
- Yahoo
Walker & Dunlop Closes $240 Million LIHTC Investment Fund for Affordable Housing Across Ten States
BETHESDA, Md., July 01, 2025--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today the successful closing of Fund 124, a $240 million Multi-Investor Low-Income Housing Tax Credit (LIHTC) Investment Fund aimed at advancing affordable housing solutions in fifteen key markets across the United States. The largest Walker & Dunlop LIHTC fund to-date, Fund 124 will support the development of 18 properties in ten states: California, Texas, Maryland, Utah, Missouri, Michigan, Connecticut, Florida, Idaho, and Kansas totaling 1,701 affordable housing units. This fund will provide critically needed housing while also creating significant local economic impact. The Walker & Dunlop Affordable Equity team, led by Dudley Benoit, Peter Antonopoulos, Elizabeth Ronayne, Caitlin Crowe, Bob Rice, Edward Jenkins, Emily Moraga, and Marcus Law, arranged the fund. Key Highlights of Fund 124: Geographic Reach: The fund supports 18 properties across ten states, strategically targeting markets in need of affordable housing. Developer Expertise: 62% of the fund's developer partners are repeat clients of Walker & Dunlop, underscoring the company's strong relationships with experienced and trusted developers. Debt and Equity Structure: The fund maintains a weighted average hard debt leverage ratio of 32% (as a percentage of hard debt to total development cost), ensuring a balanced capital structure that supports long-term stability. Section 8 Subsidization: 44% of the units in the fund's properties will be subsidized with project-based Section 8 contracts, ensuring long-term affordability for residents. Job Creation & Economic Impact: The development of these properties will create approximately 4,542 jobs and generate an estimated $898 million in economic impact, strengthening local economies and communities. Resident Services & Support: The fund provides essential services such as case management, after-school programs, financial literacy courses, meal programs, and community-based activities to enhance resident well-being. Inclusive Housing Priorities: Set asides are designated for seniors (55+), low-income individuals, and those requiring subsidized housing, with dedicated equity supporting formerly homeless residents and individuals with special needs. "Fund 124 represents an exciting milestone that will create meaningful and lasting change in communities across the U.S," said Benoit, senior managing director of Affordable Equity Investor Relations at Walker & Dunlop. "The fund's focus on affordable housing, along with our long-standing partnerships with experienced developers, underscores our dedication to providing safe, high-quality housing to those who need it most." Its predecessor, Fund 119, closed last year with $167 million in commitments. The vehicle backed 19 communities encompassing 1,044 units throughout 12 states. Walker & Dunlop, the #2 multifamily finance lender in the US, has a long-standing commitment to affordable housing and continues to invest in its affordable platform to provide clients with unparalleled solutions for all of their needs. The team originated over $6.3 billion in affordable and workforce financing from 2021-2024 through HUD, Fannie Mae, Freddie Mac, and capital markets sources. To date, the platform has raised over $10 billion in LIHTC equity and sold more than 275 affordable properties across 40 states. To learn more about the team's capabilities and financing options, visit our website. About Walker & Dunlop Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. View source version on Contacts Investors:Kelsey DuffeyInvestor RelationsPhone 301.202.3207investorrelations@ Media:Nina H. von WaldeggVP, Public RelationsPhone 301.564.3291nhvwaldegg@
