Kyle Shoemaker, Author at Affordable Housing Investment Brokerage

Eastbrook Apartments - Exception Rent HAP Contract - Section 8 - HAP - Cushing - Oklahoma

Oklahoma Exception Rent HAP Contract Sale

On May 15th, 2018, Affordable Housing Investment Brokerage completed the sale of a 30-unit Exception Rent HAP contract property in Cushing, Oklahoma. Cushing is an hour drive northwest of Oklahoma City and is home to the nations largest commercial oil hub. Multiple offers from an assortment of local, regional, and national buyers were procured. The purchaser, a real estate investment firm based out of California, used Fannie Mae debt to acquire the property. The transaction closed in just over four months including required HUD [...]

June 6, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Windsong Apartments - Section 8 - HAP - Mark-to-Market

Oklahoma Mark-to-Market HAP Property Sold to National LIHTC Developer

On December 29, 2017, AHIB closed on the $8,200,000 sale of 202 unit Mark-to-Market Project-Based Section 8 property. Windsong Apartments, located at 3131 S Mingo Rd in Tulsa, Oklahoma, is approximately ten miles east of downtown. The property was purchased by a California-based national affordable housing investor from the Denver based Windsong Housing Associates. Windsong Apartments went through Mark-to-Market debt restructuring in 2003 and is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement. [...]

May 3, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

Limited Distribution HAP Contract Sale

On March 15, 2018, Affordable Housing Investment Brokerage, Inc. closed on a limited distribution HAP contract sale known as the Green Farms Townhouses. All 50 units in the development are covered by a HAP contract administered by the Illinois Housing Development (IHDA). Furthermore, the property is encumbered by a limitation on distributions, further complicating an investor’s ability to make the deal work. Through AHIB’s network of qualified investors and developers, a competitive market was quickly made, resulting in several [...]

March 16, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

360-Unit LIHTC Property Sale near Atlanta, GA

In February 2018, Affordable Housing Investment Brokerage, Inc. (“AHIB”) closed on the sale of The Park at Hairston, a 360 Unit LIHTC property in Stone Mountain, Georgia. Stone Mountain is a near suburb of Atlanta located about 20 miles northeast of Downtown Atlanta. The property was originally built as a market rate property in the late 1980’s. In 2006/2007 the property was went through a full rehabilitation financed by equity generated from an allocation of 4% LIHTC’s and Georgia state [...]

March 16, 2018 By Kyle Shoemaker News, Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property Comments Off

Kansas City Missouri MSA HAP Property Sale

On November 21st, 2017 Affordable Housing Investment Brokerage, Inc. (AHIB) completed a Kansas City Missouri MSA HAP property sale. The 42-unit apartment community, Little Village, is located approximately 25 miles from Kansas City, Missouri, just east of Independence. Little Village is covered 100% by a Project-Based Section 8 (HAP Contract) and is located in Buckner, Missouri. The property is made up of one, two and three bedroom floor plans. Of the 42 total units, 34 units are designated for [...]

November 28, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Michigan HAP Property - Milan Village-Section 8- HAP Contract-Milan-Michigan

Michigan HAP Property Sold to a National LIHTC Developer

On November 16, 2017, a Michigan HAP property sold to a national LIHTC developer. The apartments, known as Milan Village, are a 36-unit multifamily community near Ann Arbor, Michigan. The property is within walking distance to downtown Milan, and all units are covered by an Option 4 project-based Section 8 contract. The property is made up of 16 one-bedroom units and 20 two-bedroom units spread between three buildings. Select units within each building also have updated cabinets and vanities within. Multiple [...]

November 20, 2017 By Kyle Shoemaker Sell HAP Contract Property, Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

Tax Reform – Private Activity Bonds

Private Activity Bonds are one of the most efficient tools our government has. They fund public projects with private money and create hundreds of thousands of jobs annually. Their “cost” is marginal relatively, and the gains they bring us by housing seniors and those less fortunate, by building hospitals, airports and schools, is essential to advancing our society. Nearly 96,000 jobs a year are created alone by the Low Income Housing Tax Credit, which will be dramatically damaged [...]

November 6, 2017 By Kyle Shoemaker Uncategorized Comments Off

Chicago LIHTC Sale-Lyndale Place-Section 42-LIHTC-Chicago-Illinois

Renaissance West-LIHTC-Section 42-Chicago-Illinois

Chicago LIHTC Sale in Logan Square Neighborhood

In October of 2017, AHIB and Kiser Group closed on a Chicago LIHTC Sale in the Logan Square Neighborhood. The deal included two properties, 67 unit Lyndale Place and 100 unit Renaissance West. The properties are located a few blocks apart in Chicago’s Logan Square neighborhood. Renaissance West was built new and Lyndale Place was renovated under the Section 42 Low Income Housing Tax Credit program. Both properties were restricted by debt from Chicago and IHDA in addition to LIHTC [...]

October 18, 2017 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off

Low income housing – LIHTC post-rehab real estate tax assessments

The low income housing industry has many current challenges including uncertainty with corporate tax reform affecting low income housing tax credit equity pricing, increasing competitiveness for soft loans and rising labor & material costs. Another more subtle challenge relates to real estate tax assessments for low income housing properties renovated with LIHTC’s. Many real estate investors and professionals expect a local real estate tax assessor to revisit a property’s market or assessed value post-sale, especially if the property’s sale price [...]

July 27, 2017 By Kyle Shoemaker News, Sell LIHTC Property Comments Off

Family Section 42 – Low Income Housing Tax Credit Property Sale – Oklahoma

On June 16, 2017, Affordable Housing Investment Brokerage closed on a family section 42 sale of Garland Square Apartments. Garland Square is a 36-unit Low-Income Housing Tax Credit property located in Stroud, Oklahoma. Stroud is a suburb of Tulsa, located off of Interstate 44 along the Oklahoma City-Tulsa corridor. Garland Square is comprised of a mixture of market rate and rent restricted units with efficiency through four bedroom layouts. The property was less than 50% occupied at the time of [...]

June 20, 2017 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Subsidized Property, Sell Tax Credit Property Comments Off