Sale of Section 42 Property and Remaining Low Income Housing Tax Credits - AHIB

24 Jul

Fairview-Park-Section-42-LIHTC-Anderson-Indiana

Sale of Section 42 Low Income Housing Tax Credit (LIHTC) Property and Remaining Low Income Housing Tax Credits (LIHTCs)

By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property Comments Off

In July of 2013, AHIB completed the Sale of Section 42 Low Income Housing Tax Credit (LIHTC) Property and Remaining Low Income Housing Tax Credits (LIHTCs) at the Fairview Park Apartments in Anderson, Indiana. The eighty unit project was sold for the first mortgage holder and included $840,325 in remaining tax credits.

AHIB produced multiple offers within two weeks of marketing. A deal was negotiated with one who closed the transaction after a sixty-six day escrow period. The buyer was able to structure the entire deal with a banking relationship that had to fulfill a small Community Reinvestment Act (CRA) need int he market.

To be a successful affordable housing real estate broker you have to be knowledgeable in the industry and know the housing programs. Because AHIB speaks our language, they match us up with buyers that meet our sales price expectations and get us to the closing table. AHIB breaks down complicated HUD/LIHTC transactions to their simplest form. Because of their expertise and valuing relationships, we look forward to working with AHIB to serve our future brokerage needs. .

David ProutPresident - Chesapeake Community Advisors, Inc.

When one of our owners needed to sell an existing low income housing tax credit property in a tough market, with existing tax credits as part of the deal, I immediately knew AHIB and Kyle Shoemaker were the right team for the job. AHIB was very sensitive to the concerns we had for our onsite employees while maximizing our owner’s best interest. Multiple offers at our target price were procured within a few weeks, including buyers who paid full value for the remaining LIHTCs.

Timothy ShaferPresident - HI Management

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