LIHTC SAIL Sale in Palatka, Florida

Affordable Housing Investment Brokerage, Inc recently represented the seller of the Kay Larkin and Grand Pines Apartments in Palatka, Florida. Kay Larkin and Grand Pines were both developed using both Low Income Housing Tax Credit (LIHTC) and State Apartment Incentive Loans (SAIL) from the Florida Housing Financing Corporation (FHFC) and are subject to regulatory agreements for 50 years from their placed-in-service date. Kay Larkin is a 60-unit garden style LIHTC property that was placed in service in 2000. Grand [...]

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HUD 202 Sale in Pennsylvania

In early March of 2022, AHIB, Inc. completed the sale of the Kime Apartments, a 50 unit, HUD 202, HAP contract property in Great Bend, Pennsylvania.  While the property’s original HUD 202 was refinanced several years ago, the HUD 202 Use Agreement was still in place, restricting future ownership based on substantial non-profit participation.  The HUD 202 apartments are located on the northern boarder of Pennsylvania, between Scranton, PA and Binghampton, New York.  Marketing produced multiple offers from regional and [...]

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Tennessee LIHTC Sale

Affordable Housing Investment Brokerage, Inc. represented the seller of the 72-unit Overlook at Elk Hill Apartments in Knoxville, Tennessee. The Low Income Housing Tax Credit (LIHTC) property was placed in service in 2008 and is still operating inside of its initial compliance period with restrictions continuing through 2038. The tax credit property is in a Qualified Census Tract but not inside an opportunity zone. The Overlook at Elk Hill offers one- and two-bedroom units with private entrances. The tax credit [...]

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Midwest Multifamily & Affordable Housing Business

The Multifamily & Affordable Housing Business regional magazine covers the full spectrum of news and trends analysis in the multifamily, affordable and workforce housing sector. The November/December edition of Midwest Multifamily & Affordable Housing Business features AHIB Managing Director Kyle Shoemaker in a Broker Roundtable. The discussion focuses on investing in the multifamily space while navigating through the pandemic. You can read more about this story on the digital edition of Midwest Multifamily & Affordable Housing Business [...]

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Western Michigan LIHTC Portflio

Western Michigan LIHTC Portfolio

AHIB recently closed on a LIHTC portfolio comprised of 35 total units in three different cities within the western half of Michigan. The portfolio is comprised of three separate LIHTC developments that were constructed between 2003 and 2006 with funding from the Low Income Tax Credit program. Ashley Square is 12 units in Kalamazoo, Golden Eagle is 12 units in Benton Harbor, and Countryside is an 11 unit senior property in Ravenna (north of Grand Rapids). Each property [...]

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Mark-to-market hap contract - Laurel Village I and II - Somerset, PA

Mark-to-Market HAP Property Sold in Pennsylvania

Recently, AHIB brokered the sale of a 96-unit, full HAP Contract apartment community for $6.1 million in Somerset, Penn. The community, known as Laurel Village I and Laurel Village II, are two separate properties adjacent to each other and operated as one. Each property has its own HAP contract and set of financials. Laurel Village I was formerly operated under the 515 program, but that debt has been paid off and there are no USDA or 515 restrictions in [...]

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Tax Credit Sale - Lindens Apartments

Tax Credit Sale Near Oklahoma City

Affordable Housing Investment Brokerage, Inc. represented the seller of the 42-unit Lindens Apartments in Ada, Oklahoma. The tax credit property was placed in service in 2003 and is currently beyond its initial compliance period, with restrictions continuing through 2043. The tax credit sale also included approximately 6.0 acres of unoccupied residential zoned land. The property and adjacent land are located in QCT as well as Opportunity Zone. Lindens Apartments offers large two and three bedroom units and [...]

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Recent New York Closings in the Media

AHIB recently advised on the sale of two affordable, multifamily properties in New York – Briarwood Meadow Apartments outside Watertown and Summit Apartments in Syracuse. Both transactions total $11.3 million. We are grateful for the coverage from multiple top-notch real estate media sites.  Please see below for some of the coverage: Affordable Housing Investment Brokerage Advises on $11.3 Million Sale of Two Apartment Communities in New York Markets | MultifamilyBiz.com Affordable Housing Investment Brokerage Closes Two Properties in New York Totaling $11.3 [...]

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Mayfair Apartments - Section 8 - Full HAP

HAP Coverage in Kansas City

Mayfair Apartments, located at 1224 E. Linwood Blvd. in Kansas City, MO is a 60-unit affordable housing community. Fifty-nine of the sixty units are covered by a 20 year HAP contract that was entered in 2007. All of the units are one-bedroom apartments, an ideal setting for senior tenants. Located two miles southeast of downtown Kansas City, tenants have access to many local area amenities. Mayfair Apartments is also located in a Qualified Census Tract as well as [...]

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Summit Syracuse - Section 8 - Partial HAP - Syracuse, NY

Partial HAP Sale in New York

Summit Apartments, located at 301 Columbus Ave. in Syracuse, NY is a 108-unit affordable housing community (Partial HAP Contract) that is spread between five sites within a two-mile radius of Syracuse University. Ninety-three of the 108 units are covered by a 20 year HAP contract that was entered in 2006. Rents are 20% below market averages and is located in a Qualified Census Tract. The structure of this deal is well positioned to either cash flow with continued [...]

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