News - Page 8 of 9 - Affordable Housing Investment Brokerage

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100% Project-Based Section 8 (HAP Contract) Property in Tampa, Florida

On December 22nd, AHIB completed the sale of a 36 unit HAP Contract property in Tampa, Florida. The deal, consisting of 100% project-based Section 8 units, was completed start to finish in just under seven months for over $56K a unit. A local owner enlisted AHIB after marketing the property himself. While he had procured at least one decent offer, he saw value in a broader effort to bring competition to his engaged buyer and see other options. AHIB’s efforts strengthened [...]

900 Units in Gary, Indiana

In November, 2015, AHIB closed on the sale of two properties totaling nearly 900 units in Gary, Indiana. The properties each had partial project-based Section 8 contracts (about 20% of the units were covered) and had been previously been financed with HUD 236 loans, which had recently matured. Concord Commons and Woodlake were sold to Merchants Affordable Housing Corporation, a non-profit started by the owner of Indianapolis’ PR Mortgage, with acquisition and rehab funding coming from tax exempt bonds [...]

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Kansas City HAP LIHTC

On November 19th 2015, AHIB closed on the sale of Kansas City HAP LIHTC apartments. The Woodbridge Apartments, a 118 unit property, with 67% project-based Section 8 coverage and all units still under LIHTC compliance from a renovation fifteen years prior. The purchaser of the Kansas City HAP LIHTC was a Maryland-based LIHTC developer with extensive experience in Missouri, who closed the deal in x months with bridge debt form a bank relationship. The buyer has submitted applications for a new [...]

November 20, 2015 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Indian-Trails-Rent-Supp-RAD-LIHTC-Conversion-Malone-New-York

New York RAD Portfolio

The second piece of a two property New York RAD Portfolio, with rent supplement contract and HUD 236 mortgage was successfully closed last week. The two properties, Cedars of Chili and Indian Trails, were successfully sold to Winn Companies, from Boston, Massachusetts, who are completing tax credit renovations of each. The Cedars of Chili deal was financed with tax exempt bonds and 4% low income housing tax credits (LIHTCs), and Indian Trails was financed with 9% LIHTCs. The buyer [...]

October 29, 2015 By Kyle Shoemaker Sell LIHTC Property, Sell RAD Property, Sell Section 42 Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Sunday NY Times on Affordable Housing Development

In Sunday’s New York Times, the editorial board published an editorial on the far-reaching benefits of affordable housing development. In the piece, titled “Ending the Cycle of Racial Isolation,” the board references a study on an affordable housing development in Mount Laurel, New Jersey, that was chronicled in Douglas Massey’s book, “Climbing Mount Laurel,” about a development completed over fifteen years ago. In addition to important benefits to the residents, in the area surrounding the development, “crime did not [...]

October 19, 2015 By Kyle Shoemaker News Comments Off

Warehouse-Section-42-LIHTC-Hanover-Pennsylvania

LIHTC Sale in Hanover, Pennsylvania

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 [...]

October 12, 2015 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property Comments Off

Show Me a Hero

One of my favorite parts of this job is the fascinating people I meet in the affordable housing industry. As a broker I need to be constantly working to understand as much of the market place as possible, and this means meeting with and talking as many owners, developers, managers and specialized vendors as possible. Most of these folks are entrepreneurs who need to apply high levels of creativity to their business. This fact is true [...]

August 27, 2015 By Kyle Shoemaker News Comments Off

Woodland-East-Section-8-Partial-HAP-Contract-Michigan-City-Indiana

Family Business Selling HAP and Mark to Market in Northwest Indiana

This spring, AHIB worked with a family business selling HAP properties to successfully close on the sale of a portfolio of project-based Section 8 properties totaling nearly 500 units. The portfolio included a senior, mark to market deal with full Section 8 coverage in Hammond, and two family properties that formerly operated with HUD 236 loans and currently had partial Section 8 coverage in Michigan City. The properties were sold to two different buyers after a twenty two day [...]

June 28, 2015 By Kyle Shoemaker Sell Section 8 Property, Sell Subsidized Property Comments Off

Partial Project-Based Section 8 (HAP Contract) Sale in Kentucky

AHIB recently closed on the sale of a Partial Project-Based Section 8 (HAP Contract) Sale in Kentucky. Mayfeild Gardens is a 72 units family project in the city of Mayfield, Kentucky. Fourteen of the property’s units were covered by project-based Section 8 HAP contract.

May 24, 2015 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Lewis-and-Clark-Section-42-LIHTC-St. Louis-Missouri

AHIB Sells Low Income Housing Tax Credit (LITHC) Apartments in St Louis, MO

In March, working jointly with the St. Louis investment sales team of DTZ (formerly Cassidy Turley), AHIB sells Low Income Housing Tax Credit (LIHTC) Apartments in St Louis, MO at the Lewis and Clark Apartments. The sale included both the real estate and over $1M in remaining LIHTC. The complex was in default with US Bank after the developer who executed the original rehab could not meet high debt service obligations. DTZ was in position to earn the assignment [...]

April 28, 2015 By Kyle Shoemaker Sell LIHTC Property, Sell Subsidized Property Comments Off