Uncategorized Archives - Affordable Housing Investment Brokerage

Tennessee LIHTC Sale

Affordable Housing Investment Brokerage, Inc. represented the seller of the 72-unit Overlook at Elk Hill Apartments in Knoxville, Tennessee. The Low Income Housing Tax Credit (LIHTC) property was placed in service in 2008 and is still operating inside of its initial compliance period with restrictions continuing through 2038. The tax credit property is in a Qualified Census Tract but not inside an opportunity zone. The Overlook at Elk Hill offers one- and two-bedroom units with private entrances. The tax credit [...]

March 9, 2022 By Bill Brading Uncategorized Comments Off

Recent New York Closings in the Media

AHIB recently advised on the sale of two affordable, multifamily properties in New York – Briarwood Meadow Apartments outside Watertown and Summit Apartments in Syracuse. Both transactions total $11.3 million. We are grateful for the coverage from multiple top-notch real estate media sites. Please see below for some of the coverage: Affordable Housing Investment Brokerage Advises on $11.3 Million Sale of Two Apartment Communities in New York Markets | MultifamilyBiz.com Affordable Housing Investment Brokerage Closes Two Properties in New York Totaling $11.3 [...]

November 12, 2021 By Kyle Shoemaker News, Uncategorized Comments Off

HUD 202 Restricted Sale - ICARE - Section 8 - HAP Contract - Westmont Illinois

HUD 202 Restricted Sale of a HAP Property in Suburban Chicago

On October 1st, AHIB completed the HUD 202 Restricted Sale of a HAP Property in Suburban Chicago. The building, known as ICARE (Illinois Chinese American Residence for the Elderly), is located in Westmont, Illinois, and is comprised of 60 units of which 59 are covered by a project-based Section 8 contract. Though the property had previously been refinanced, there is still a HUD 202 Use Agreement in place, restricting ownership to a non-profit organization and limiting allowable distributions. The property’s non-profit [...]

October 2, 2018 By Kyle Shoemaker Sell HAP Contract Property, Sell HUD Financed Property, Sell Section 8 Property, Sell Subsidized Property, Uncategorized Comments Off

OK Tax Credit Portfolio - LIHTC - Section 42 - Pauls Valley - Seminole - Oklahoma

187-Unit Oklahoma Tax Credit Portfolio Sale

On May 31, 2018, Affordable Housing Investment Brokerage completed the transaction of a 187-unit Low-Income Housing Tax Credit portfolio located in Oklahoma. The deal, owned by an Oklahoma City-based non-profit organization, included a 124-unit multi-family complex located in Pauls Valley and 63 single family rental homes split between Pauls Valley and Seminole. The purchaser, a regional owner operator had no financing contingencies and placed a non-refundable earnest money deposit at execution of the LOI and again at execution of the [...]

June 19, 2018 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property, Uncategorized Comments Off

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

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