Kyle Shoemaker, Author at Affordable Housing Investment Brokerage

RAD II HAP Contract Sale-Carriage House-Section 8-HAP Contract-RAD-Adrian-Michigan

RAD II HAP Contract Sale in Adrian, Michigan

On April 6, 2017, AHIB closed on an 85 unit RAD II HAP contract sale in Adrian, Michigan. Of the units, 11% were covered by a Project-Based RAD II HAP Contract. The remaining units are operating under a HUD 236 Use Agreement through 2020. Carriage House has a current occupancy of over 96% with up-side potential through expense reduction and long-term rent growth. The property is located in Southeast Michigan, less than an hour from both Ann Arbor, MI [...]

Conventional Apartment Sale- Hawthorn Ridge - Section 8 - HAP Contract - Woodridge, Illinois

Suburban Chicago Project-Based Section 8 (HAP Contract) and Conventional Apartment Sale

In January, 2017, AHIB completed a suburban Chicago project-based Section 8 (HAP Contract) and conventional apartment sale in Woodridge, Illinois. The 176 unit family property had 40% of the units covered by a project-based Section 8 (HAP Contract) contract administered by IHDA and the remaining units operating as market rate. Ownership had recently placed an FHA-insured, HUD 223f loan, which had an attractive interest rate at 3.58%, but high reserve requirements and a low loan-to-value at the target pricing, [...]

Elm Street-Section 8-HAP Contract-Marysville, Kansas

Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas

In December of 2016, AHIB closed on the first of a two-property Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas. The Elm Street Apartments closed and the adjacent property, Pony Run, a 24 unit USDA 515 community, is scheduled to close in the first quarter of 2017. Both properties were renovated utilizing Section 42 Low Income Housing Tax Credits (LITHC) and were currently beyond their initial compliance periods. The properties are located in Marysville, Kansas, a rural community [...]

January 4, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Senior LIHTC -Lincoln-Villas-Section-42-LIHTC-Racine-Wisconsin

Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Wisconsin

On December 15th, AHIB completed a Senior LIHTC (Low Income Housing Tax Credit) and Project-Based Section 8 (HAP Contract) Sale in Wisconsin. AHIB was hired to market Lincoln Villas by a court-appointed receiver after the property’s parent company entered bankruptcy. A full HAP contract was in place in addition to LIHTC restrictions from a 2009 renovation financed by the Tax Credit Exchange Program. Furthermore, the deal was originally built under the HUD 202 program, but was refinanced in a [...]

December 16, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

AHF LIVE: Trump’s Impact on Project-based Section 8 (HAP) and Low Income Housing Tax Credit (LIHTC) Sales

With the 2016 Presidential Election in the rearview mirror, it is time to look forward to how the Trump Administration will affect the Section 8 (HAP) and Low Income Housing Tax Credit (LIHTC) programs. This was the primary focus of the AFH Live 2016 conference in Chicago with many industry leaders sharing their insights and perspectives on the topic. We know with certainty that Donald J. Trump will be our next President. There is uncertainty to his agenda and views [...]

December 1, 2016 By Kyle Shoemaker News, Sell HAP Contract Property, Sell LIHTC Property Comments Off

Three property project-based section 8 sale-Janesville-Neenah-Section 8-HAP Contract-Menasha-Wisconsin

Three Property Project-Based Section 8 Sale in Wisconsin

In November, AHIB completed a three property project-based Section 8 sale in Wisconsin. The properties totaled 96 units and were spread between three markets; Janesville, Neenah and Menasha, but operated under two HAP contracts and one FHA-insured loan. Due to the distance between the properties (Janesville is over a two hour drive from Neenah and Menasha), the market of buyers was primarily made up of of parties actively managing affordable housing in Wisconsin. After a brief marketing period, the private [...]

November 13, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Family Project-Based Section 8-Hillcrest-Section 8-HAP Contract-McHenry-Illinois

$100K a Unit For a Family Project-Based Section 8 (HAP Contract) Sale to a LIHTC Developer

On October 26th, AHIB completed a deal that produced a price of over $100K a unit for a family project-based Section 8 (HAP Contract) sale to a LIHTC developer. AHIB was introduced to the potential seller in late 2015 by an outside party who knew the needed price would be very difficult to support. The owner had highly leveraged the property several years prior with an FHA-Insured mortgage, an selling the property for much more than the debt appeared [...]

October 26, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Minnesota Project-Based Section 8 Sale

On October 19th, AHIB closed on a Minnesota project-based Section 8 sale in Austin. The property was owned by a family business that was the original developer, who had never sold a property before. The deal formerly operated under a HUD 236 mortgage, which regulated the non-Section 8 units. Over a period of several years, Kyle Shoemaker of AHIB consulted with the owners to better position the property for sale, due primarily to artificially low rents coming off of [...]

October 20, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Senior Project-Based Section 8 Sale-Northridge-Village-Section-8-HAP-Contract-Taylorville-Illinois

Senior Project-Based Section 8 Sale in Illinois

On September 9th, AHIB completed a senior project-based Section 8 sale in Illinois. The property, Northridge Village, is a 24 unit complex operating with all units covered by an Option 4, exception rent HAP contract. The Seller was a family business that was the original developer of the property. They were referred to AHIB by another broker after trying to get an offer from a national Section 8 buyer. When they couldn’t make the deal, the buyer recommend AHIB [...]

September 12, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Elderly RAD II HAP Sale -Eastcourt-Village-HAP-Contract-RAD-II-HUD-236-Kankakee-Illinois

Elderly RAD II HAP Sale 60 Miles From Chicago

On September 1st, AHIB closed on an elderly RAD II HAP sale 60 miles from Chicago. The Eastcourt Village apartments in Kankakee, Illinois, have 133 units designated for elderly tenants, with a Project-Based Section 8 Contract (HAP contract) covering 90% of the property. AHIB worked with the seller over a period of several years, helping to convert the original Rent Supplement contract through a RAD II conversion to the Section 8 program. Legal counsel from Nixon Peabody prepared the [...]

September 6, 2016 By Kyle Shoemaker Sell HAP Contract Property, Sell RAD Property, Sell Section 8 Property, Sell Subsidized Property Comments Off