LIHTC Sale in Hanover, PennsylvaniaKyle Shoemaker
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 was able to procure several regional buyers in a short marketing period who were ready to take on the job. A deal was negotiated with one who closed the transaction after a two month escrow period.