60 LIHTC Units Near SpringfieldKyle Shoemaker
Yesterday, October 21, AHIB closed on 60 LIHTC Units near Springfield, Illinois. The two story garden community known as Chatham Crossing was developed with the Low Income Housing Tax Credit (LIHTC). The property was placed in service in 2005, therefore it is currently in the Extended Use Compliance period which continues until 2035. Chatham is a city of just over thirteen thousand people, located in the Springfield MSA, approximately two miles south of the Illinois State Capital.
Seventy percent of the LIHTC units must be rented to tenants at or below 60% AMI and twenty percent of the units to tenants at or below 40% AMI. The remaining units are unrestricted.
AHIB ultimately closed the deal with an offer that came in above list price.