Latest news with #LIHTCs
Axios
a day ago
- Business
- Axios
Des Moines rethinks housing strategy after pushback
Des Moines City Council is expected to adopt its first citywide housing strategy on Monday, significantly revising a controversial plan that would have indefinitely halted most new low-income housing tax credit (LIHTC) projects. Why it matters: The now-revised provision triggered strong opposition from developers and housing advocates who said it could create additional hurdles in the city's efforts to increase affordable housing. Catch up quick: The strategy was developed over much of the past year through public input and the assistance of the Maine-based urban planning firm CZB. It's a long-term plan that will shape how the city funds efforts to tackle housing affordability and includes goals or priorities for rental preservation, new construction and homeownership. Zoom in: The initial proposal to pause LIHTC projects in DSM was intended to encourage more evenly distributed low-income housing across the metro. Developers argued the proposal failed to fully consider the community benefits of using LIHTCs — one of the country's most common tools for creating affordable housing — or acknowledge the extent of their use in suburban communities. State housing agencies award the federal tax credits to private developers of affordable rental projects. Projects typically require approval from local governments before they are awarded incentives. State of play: The revised plan will evaluate future LIHTC projects using broader criteria, including design and whether they might overly concentrate poverty. DSM still aims for regional equity in subsidized housing and plans to collaborate with other jurisdictions, per the revision. What they're saying: Former state Sen. Jack Hatch, a housing developer who sought revisions to the plan, thanked the council for the changes in a Friday email. It now promotes a very different attitude and shows that the city is open to all housing financing strategies, he wrote. The intrigue: One of the new housing strategies includes support for a Community Land Trust — " affordable forever homes" that can only be resold at restricted prices to other low-income buyers. Carrie Woerdeman, board chairperson of the newly created Central Iowa Community Land Trust, tells Axios that DSM's first home in the program will likely hit the market late this year.
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
Yahoo
05-06-2025
- Business
- Yahoo
Regions Affordable Housing Names David Payne Head of Originations
Payne brings over 20 years of industry experience to lead teams helping clients create and expand access to affordable housing BIRMINGHAM, Ala., June 05, 2025--(BUSINESS WIRE)--Regions Bank on Thursday announced David Payne has been elevated to Head of Originations for Regions Affordable Housing. In this role, Payne will oversee all affordable housing originations by relationship managers supporting developers in many key growth markets across the country. Through low-income housing tax credits (LIHTCs), comprehensive financial solutions, and a holistic suite of additional banking options, Payne will provide business development and leadership to the group. He has 23 years of industry experience in affordable housing and will leverage that work to guide the Originations team to deepen support with developers. Payne will report directly to Katie Such, Head of Regions Affordable Housing. "Regions Affordable Housing is uniquely positioned to provide financial services and solutions clients need to expand affordable housing access and strengthen our communities for the long-term," Such said. "David Payne is an advocate for affordable housing, an intentional collaborator and a respected industry leader. We look forward to his work helping current clients grow and welcoming future clients to experience the Regions approach to affordable housing." Payne previously served as co-head of Originations for Regions Affordable Housing and led the bank's work in sourcing and originating transactions across the Southeast. He served as a relationship manager and credit underwriter before that. Additionally, Payne has leadership experience with various state-level affordable housing trade groups over the years. "Regions Affordable Housing has skilled bankers with deep industry experience in affordable housing finance, and it is a real honor to lead the Originations team into the future," Payne said. "At a time when affordable housing is critically needed to support continued economic growth, Regions can make a difference in helping developer clients and community leaders with the resources to create safe and affordable housing options for residents. The result is stronger communities and improved quality of life for the long term." Regions Bank, through Regions Affordable Housing LLC, is a national leader in affordable housing. Through the LIHTC program, Regions is one of the nation's largest participants in affordable housing finance, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS MAH Lender, HUD/FHA Affordable Lender, and Freddie Mac Optigo TAH lender. About Regions Financial CorporationRegions Financial Corporation (NYSE:RF), with $160 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at View source version on Contacts Media Contact: Jennifer ElmoreRegions BankRegions News Online: Regions Media Line: 205-264-4551 Sign in to access your portfolio
Associated Press
26-02-2025
- Business
- Associated Press
Advantage Capital Closes Financing for Kindlewood Phase II Redevelopment, Expanding Affordable Housing in Charlottesville, Va.
Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, announced today the financial closing for Kindlewood Phase II—a $68 million redevelopment in Charlottesville, Va. The firm leveraged $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program, an essential tool for expanding the supply of affordable housing across the commonwealth. 'The Virginia HOTC program provides invaluable financial support to developments like Kindlewood II, driving meaningful change in communities facing housing challenges,' said William Fiederlein, Vice President, Advantage Capital. 'This investment is an example of our continued commitment to deploying capital in Virginia that addresses affordable housing needs.' The Kindlewood redevelopment is a multi-phase development designed to revitalize a 44-year-old housing community into a modern, inclusive, mixed-income neighborhood. In its second phase, it will add 100 new affordable homes, with approximately half serving as replacement units for existing residents and the rest as new affordable housing. The plans also feature a learning center, a community center, and the headquarters for Piedmont Housing Alliance, a key partner in Kindlewood's development team. 'Kindlewood Phase II is a crucial step in the progress toward reaching resident redevelopment goals for their community,' said Sunshine Mathon, Executive Director, Piedmont Housing Alliance. 'We are grateful to everyone who has dedicated their lives, vision, and passion to this extraordinary work.' Phase II broke ground in January 2025 and completion is anticipated for fall 2026. This phase of the development is anticipated to deliver significant long-term benefits to families in Charlottesville and the broader community. 'National Housing Trust appreciates Advantage Capital's partnership in financing this second phase of the Kindlewood redevelopment,' said Priya Jayachandran, President and CEO, National Housing Trust. 'Construction of 100 new sustainably designed units and a new community resource center is a monumental step towards realizing the residents' vision for a reimagined Kindlewood.' Advantage Capital, which supported and actively advocated for the HOTC program alongside other organizations and entities, participates in state and federal tax credit programs to help developers finance housing developments and increase access to safe, high-quality, and affordable homes for low-income families, veterans, public service workers and other vulnerable populations in America. About Advantage Capital Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4.3 billion in more than 1,000 companies to support more than 70,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider. Any third-party statements herein are by persons other than current clients or investors in any private fund directly or indirectly managed by Advantage Capital. Although Advantage Capital did invest cash funds into an entity that is controlled by National Housing Trust, neither Priya Jayachandran (President and CEO of National Housing Trust) nor any other employee of National Housing Trust has received any direct compensation, whether in cash or non-cash form, for the statements or opinions expressed herein. There are no known material conflicts of interest on the part of any third party making or expressing such statements or opinions resulting from such party's relationship with Advantage Capital or from Advantage Capital's cash investment into the Kindlewood Phase II Redevelopment or participation in any federal or state tax credit program. Joe Stosberg, Communications Manager SOURCE: Advantage Capital Copyright Business Wire 2025. PUB: 02/26/2025 08:02 AM/DISC: 02/26/2025 08:02 AM
