Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in KansasKyle Shoemaker
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 approximately 120 miles northwest of Kansas City and 120 miles south of Omaha, Nebraska. The seller was a regional developer that focuses in the Affordable Housing space while the buyer is a national Affordable Housing investor that has recently begun acquiring properties in Kansas and surrounding states.