Senior Section 42 LIHTC Property sold in Birmingham, AL - Affordable Housing Investment Brokerage

31 Oct

City Center Place - Section 42 LIHTC - Birmingham, AL

Senior Section 42 LIHTC Property sold in Birmingham, AL

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

In early October 2018, AHIB completed the sale of City Center Place Apartments, a senior designated, Section 42 LIHTC property in downtown Birmingham, Alabama. The well-maintained property was originally constructed in 1998. It was financed with a combination of Section 42 LIHTC funds and HOME Loans from the Alabama Housing Finance Agency (AHFA) and the City of Birmingham. The property operates under regulatory agreements for both the LIHTC funds and HOME funds.

The property’s non-profit board selected AHIB to confidentially market the asset. AHIB procured multiple offers from local, regional and national buyers. The selected buyer was experienced with affordable housing properties and successfully assumed a portion of the HOME Loans.

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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