Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas - AHIB

04 Jan

Elm Street-Section 8-HAP Contract-Marysville, Kansas

Senior LIHTC and Project-Based Section 8 (HAP Contract) Sale in Kansas

By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

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.

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

© Copyright 2024, Affordable Housing Investment Brokerage, Inc. All Rights Reserved. This information is taken from sources believed to be reliable. Affordable Housing Investment Brokerage, Inc. makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risks for any inaccuracies. The Affordable Housing Investment Brokerage Logo is a registered trademark of Senior Living Investment Brokerage, Inc.

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