New York RAD Portfolio

The second piece of a two property New York RAD Portfolio, with rent supplement contract and HUD 236 mortgage was successfully closed last week. The two properties, Cedars of Chili and Indian Trails, were successfully sold to Winn Companies, from Boston, Massachusetts, who are completing tax credit renovations of each. The Cedars of Chili deal was financed with tax exempt bonds and 4% low income housing tax credits (LIHTCs), and Indian Trails was financed with 9% LIHTCs. The buyer [...]


Sunday NY Times on Affordable Housing Development

In Sunday’s New York Times, the editorial board published an editorial on the far-reaching benefits of affordable housing development.  In the piece, titled “Ending the Cycle of Racial Isolation,” the board references a study on an affordable housing development in Mount Laurel, New Jersey, that was chronicled in Douglas Massey’s book, “Climbing Mount Laurel,” about a development completed over fifteen years ago.  In addition to important benefits to the residents, in the area surrounding the development, “crime did not [...]


LIHTC Sale in Hanover, Pennsylvania

In September, AHIB closed on a LIHTC sale of a thirty three unit development in Hanover, Pennsylvania.  The project was an adaptive reuse renovation of a warehouse, hence the name, Warehouse Apartments. Completing the sale required obtaining soft debt forgiveness form the county. Obtaining this agreement was contingent on procuring a buyer qualified to take on the project’s remaining LIHTC compliance, keeping the property affordable housing, while also making physical improvements desired to improve the quality of tenant life.  AHIB [...]