Slideshow

Welcome

LOCAL PRESENCE, NATIONAL IMPACT

For more than 21 years, the National Association of State and Local Equity Funds (NASLEF) has operated as a professional, nonprofit association formed to promote the efficient management of state and local equity funds. Throughout 42 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2014, member funds have raised over $11.5 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 149,562 units of affordable housing in 3,262 developments.

OUR MISSION

Active Members are visible in the communities they serve by providing affordable housing opportunities, strengthening neighborhoods, and impacting the lives of residents. Many member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally. Member funds also provide value-added services to development partners in the areas of technical assistance, training, engaging in local and state housing policy groups, and providing lending opportunities as certified CDFI organizations.

NASLEF member funds will continue to lobby for the continuation of the most successful affordable housing program in the nation. Fund members will continue to raise capital to provide affordable housing options for families, seniors, individuals, and special needs populations. NASLEF will continue to be a local presence with national impact on affordable housing.

BOARD MEMBERS & NASLEF STAFF

PRESIDENT

Nancy Owens
Housing Vermont

VICE PRESIDENT

Hal Keller
Ohio Capital Corporation for Housing

TREASURER

John Kennedy
St. Louis Equity Fund, Inc.

SECRETARY

James Peffley
Delaware Community Investment Corporation

IMMEDIATE PAST PRESIDENT

Peter Sargent
Massachusetts Housing Investment Corporation

EXECUTIVE DIRECTOR

Sabrina Moreno
Oakland, California
smoreno@merrittcap.org

DEPUTY EXECUTIVE DIRECTOR

Mary Kay Meagher
Columbus, Ohio
mmeagher@occh.org

LEGISLATIVE CONSULTANT

Robert Rozen
Washington Council Ernst & Young
robert.rozen@wc.ey.com

PRESIDENT’S MESSAGE

Nancy Owens
NASLEF President

LOCAL PRESENCE, NATIONAL IMPACT

NASLEF’s local presence and national impact is strong and growing stronger. Last year, we celebrated our 25th anniversary at our annual conference in Savannah, Georgia where more than 250 member staff, investors and other housing professionals came together to learn from each other and reinforce our ties. That’s a key piece of business for NASLEF, because our success comes directly from connecting local communities with equity to build, renovate and preserve affordable rental housing.

MAKING A DIFFERENCE

The 14 active NASLEF members share a common affinity. NASLEF members know the communities we serve, actively participate in state and national housing policy discussions, provide training and support within our states to strengthen property managers and developers, offer grants and scholarships for programs and residents, and provide leadership to strengthen the country’s most successful affordable housing program—the Low Income Housing Tax Credit (LIHTC). We work consistently with the developers, managers and investors in the communities we serve to assure that housing for low income households is of the highest quality.

The Low Income Housing Tax Credit program represents the best of what public-private partnerships can do to create affordable housing and help revitalize distressed neighborhoods. Our accomplishments are impressive. This past year NASLEF members operated in 42 states, raising $1.15 billion from investors and closing $1.2 billion in equity into 186 properties with 9,411 apartments. Collectively through 2014, member funds have raised over $11.5 billion in capital, creating more than 149,562 affordable homes.

 

ENSURING OUR FUTURE

The Housing Credit program has proven to be effective, efficient and accountable. NASLEF, like many of our peer organizations, supports changes to the program which increase our ability to end the housing crisis. This enviable record cannot be tossed aside in any large scale discussion of tax reform. Restricting or eliminating the Housing Credit will have far-ranging and damaging consequences. Safe, decent, and affordable housing is the foundation of strong families and sustainable communities. We all know people who have trouble making ends meet each month, or maybe we’ve had our own struggles with poverty or mounting debts. When that happens it’s hard to find room in our lives beyond what’s necessary to get by each day. It’s only when our basic needs are met, when we have enough, that each of us can give something back to the world. By building long term relationships with developers and investors, NASLEF members create affordable housing and make investments in community development. Our work helps people and places prosper and participate in the economic and community life of America. And we all benefit from that.

EQUITY RAISED

RESIDENT VOICES

NASLEF member funds not only invest in affordable housing communities but also invest in the residents who live in our communities. We know that providing safe, decent, affordable housing is a catalyst to revitalizing neighborhoods and stabilizing lives. We help provide supportive services that link residents to health, education, and employment services that will impact their lives socially, educationally, and economically.

Our residents value their housing and their lives are impacted daily by what it means to have a safe, stable place to call home.

UNITS BUILT

LEGISLATIVE UPDATE

Robert Rozen
Washington Council
Ernst & Young

LEGISLATIVE UPDATE

The tax legislative front has been on somewhat of a holding pattern the last few years as Congress continues to focus on comprehensive tax reform while periodically taking action to extend the several dozen expiring tax provisions. The Housing Credit is in the middle of these debates and members of NASLEF have been actively engaging Members of Congress to protect affordable housing. Although the major issues have not changed, there was notable action in 2014 on both tax reform and the extension of the expiring provisions.

The Housing Credit program is a key issue in the expiring provisions because the minimum 9% credit is a temporary provision that must be extended. It was in effect from 2009 to 2013 but expired in 2014 along with the several dozen other tax provisions. In the past, Congress has permitted these provisions to expire for several months before passing legislation to extend them back to the beginning of the year and forward for year. In 2014, however, Congress acted in late December and only extended them back to the beginning of the year. They are not in effect for 2015.

Since Congress is not likely to act on this until much later in the year, this means that there will be no minimum 9% credit for the Housing Credit program in 2015. This is the case in spite of the great efforts the industry has made in getting Members of the Senate and House to cosponsor legislation establishing both a minimum 9% credit and a 4% credit for acquisitions. The problem we have is that in spite of the strong support this issue has, we are caught up in the larger debate over the treatment of expiring tax provisions; they all move together or not at all.

The most notable activity on the tax reform front in 2014 was the release of a comprehensive tax reform bill by Dave Camp, the Chairman of the House Ways and Means Committee, and his Republican committee members. This legislation proposed the elimination of scores of special tax rules including repeal of 33 of the 36 business tax credits in the tax code. The affordable housing community achieved a great victory when the Housing Credit was one of the three business credits that would be preserved, along with the R&D credit and a tax credit for the cost of complying with the Americans with Disabilities Act.

This showed the strong support the program has among Republican members of the Ways and Means Committee. Nevertheless, the bill was an important lesson for the industry because even though we were successful in preserving the allocated credit program, other provisions in the bill would have decimated the program. The bill proposed to eliminate multifamily housing bonds, eliminate acquisition credits, repeal the 130% basis boost rules, increase the credit period from 10 years to 15 years, and make other changes that would severely undermine the program.

With the assistance of NASLEF, the Housing Credit community prepared a detailed response to the Camp tax reform bill and met with elected officials and their staffs, both to thank them for saving the 9% allocated credit and to make sure they fully understand the disastrous consequences of the other provisions. This activity around tax reform points out once again why it is so important for NASLEF members to actively engage their elected officials, both on the broad details of the program and the specific details.

MAKING A DIFFERENCE

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PHILANTHROPY

While raising capital to provide affordable housing opportunities is our core business, NASLEF member funds also actively provide value-added services to our partners in the industry. Many member funds serve vulnerable populations by investing resources into programs and activities that impact residents’ lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.

Examples include:

  • Providing homeownership grants
  • Funding community programs
  • Funding food banks
  • Providing scholarship opportunities to residents
  • Funding neighborhood development
  • Providing funds for tutoring, computer classes, and summer camp for residents’ children

TRAINING AND EDUCATION

Member funds engage development and management partners
by providing opportunities for training and education on a regular
basis. Examples include:

  • Holding annual affordable housing conferences with industry speakers
  • Providing property management training
  • Providing individualized training to partners
  • Developing training on energy, construction, and asset management
  • Providing compliance training to property managers
  • Offering a training academy to partners which provides property management and maintenance courses

TECHNICAL FINANCE

Member funds recognize that importance of providing technical assistance to partners navigating HUD and Housing Finance Agencies programs. Assistance is given in:

  • Understanding and usage of HOME funds
  • HUD Section 8 regulations
  • Development consulting
  • Understanding RAD and mixed-finance funding
  • Rural development assistance
  • Housing agency programs and funding

HOUSING POLICY

Member funds are actively involved in state and federal housing policy issues, engaging lobbyists, and serving on:

  • Local housing councils and agencies
  • Boards and executive committees of housing trade associations
  • Legislative advocacy groups

LENDING PRODUCTS

Member funds focus on raising capital and providing equity for affordable housing development and preservation. Many funds also offer loan products or operate a Certified Development Financial Institutions Program that offers:

  • Predevelopment and acquisitions lending products
  • Bridge loan financing
  • Gap financing
  • Construction loan financing
  • Permanent financing

2014 NASLEF DIRECTORS

DANA S. BOOLE

President and Chief Executive Officer, CAHEC

JAMES M. PEFFLEY

President, Delaware Community Investment Corporation

SARA MORGAN

Director, FAHE Capital Corporation

MARK MCDANIEL

President/CEO, Great Lakes Capital Fund

STACY L. SUR

Member, Hawaii Housing Finance, LLC

NANCY OWENS

President, Housing Vermont

PETER SARGENT

Director of Capital Development, Massachusetts Housing Investment Corporation

BERNARD T. DEASY

President, Merritt Community Capital Corporation

JOHN WIECHMANN

President, Midwest Housing Equity Group, Inc.

DONALD STERHAN

President, Mountain Plains Equity Group, Inc.

BILL SHANAHAN

President, Northern New England Housing Investment Fund

HAL KELLER

President, Ohio Capital Corporation for Housing

JOHN WUEST

President/CEO, St. Louis Equity Fund, Inc.

ROBERT NEWMAN

President & CEO, Virginia Community Development Corporation

ACTIVE MEMBERS

CAHEC

Dana Boole, President & CEO
7700 Falls of Neuse Road, Suite 200
Raleigh, NC 27615
Telephone: (919) 788-1803
Fax: (919) 532-1803
E-mail: dboole@cahec.com
Web: cahec.com

DELAWARE COMMUNITY INVESTMENT CORPORATION

James Peffley, President
Community Service Boulevard 100 W. 10th St. Suite 302
Wilmington, Delaware 19801
Telephone: (302) 655-1420
Fax: (302) 655-1419
E-mail: jpeffley@dcicnet.org
Web: dcicnet.org

FAHE CAPITAL CORPORATION

Sara Morgan, Director
106 Pasco Street
Berea, KY 40403
Telephone: (859) 986-2321
Fax: (859) 986-5836
E-mail: sara@fahe.org
Web: fahe.org

GREAT LAKES CAPITAL FUND

Mark McDaniel, President / CEO
1000 South Washington Avenue
Lansing, MI 48910
Telephone: (517) 482-8555
Fax: (517) 482-8598
E-mail: capmac@capfund.net
Web: capfund.net

HAWAII HOUSING FINANCE, LLC

Stacy Sur, Member
3465 Waialae Avenue, Suite 300
Honolulu, Hawaii 96816
Telephone: (808) 738-0800 x 202
Fax: (808) 738-0802
E-mail: stacy@hi-housingfinance.com

HOUSING VERMONT

Nancy Owens, President
123 St. Paul Street
Burlington, VT 05401
Telephone: (802) 863-8424
Fax: (802) 660-9034
E-mail: nancy@hvt.org
Web: hvt.org

MASSACHUSETTS HOUSING INVESTMENT CORPORATION

Peter Sargent, Director of Capital Development
70 Federal Street, 6th Floor
Boston, MA 02110
Telephone: (617) 850-1027
Fax: (617) 850-1127
E-mail: sargent@mhic.com
Web: mhic.com

MERRITT COMMUNITY CAPITAL CORPORATION

Bernard Deasy, President
1970 Broadway, Suite 250
Oakland, CA 94612
Telephone: (510) 444-7870
Fax: (510) 444-7874
E-mail: bdeasy@merrittcap.org
Web: merrittcap.org

MIDWEST HOUSING EQUITY GROUP, INC.

John Wiechmann, President
515 North 162nd Avenue, Suite 202,
Omaha, NE 68118
Telephone: (402) 334-8899
Fax: (402) 334-5599
E-mail: jwiechmannc@mheginc.com
Web: mheginc.com

MOUNTAIN PLAINS EQUITY GROUP, INC.

Donald Sterhan, President
2825 3rd Avenue North, Suite 600
Billings, MT 59101
Telephone: (406) 254-1677
Fax: (406) 869-8693
E-mail: sterhan@mpequity.com
Web: mpequity.com

NORTHERN NEW ENGLAND HOUSING INVESTMENT FUND

Bill Shanahan, President
75 Market Street, Suite 201
Portland, ME 04101
Telephone: (207) 772-8255 x14
Fax: (207) 772-8241
E-mail: bshanahan@nnehif.org
Web: nnehif.org

OHIO CAPITAL CORPORATION FOR HOUSING

Hal Keller, President
88 East Broad Street, Suite 1800
Columbus, OH 43215
Telephone: (614) 224-8446
Fax: (614) 224-8452
E-mail: hkeller@occh.org
Web: occh.org

ST. LOUIS / KANSAS CITY EQUITY FUND, INC.

John Wuest, President / CEO
707 North 2nd Street, Suite 308 St.
Louis, MO 63102
Telephone: (314) 436-7810
Fax: (314) 436-1907
E-mail: johnw@slefi.com
Web: slefi.com

VIRGINIA COMMUNITY DEVELOPMENT CORPORATION

Robert Newman, President & CEO
1840 West Broad Street, Suite 200
Richmond, VA 23220
Telephone: (804) 343-1200
Fax: (804) 343-1043
E-mail: bnewman@vacdc.org
Web: vacdc.org

CORPORATE MEMBERS

APPLEGATE & THORNE-THOMSEN, P.C.

Paul Davis
626 West Jackson Street, Suite 400
Chicago, IL 60661
Telephone: (312) 491-2205
Fax: (312) 491-4411
E-mail: pdavis@att-law.com
Web: att-law.com

ARMSTRONG TEASDALE

Nancy Hawes
7700 Forsyth Blvd., Suite 1800
St. Louis, MO 63105
Telephone: (312) 259-4754
Fax: (312) 612-2241
E-mail: nhawes@armstrongteasdale.com
Web: armstrongteasdale.com

BRYAN CAVE LLP

Jerome Breed
1155 F Street, NW
Washington, DC 20004
Telephone: (202) 508-6036
Fax: (202) 220-7336
E-mail: jerome.breed@bryancave.com
Web: bryancave.com

CARLE, MACKIE, POWER & ROSS, LLP

Richard Power, Partner, Head of Affordable Housing Group
100 B Street, Suite 400
Santa Rosa, CA 95401
Telephone: (707) 526-4200
Fax: (707) 526-4707
E-mail: rpower@cmprlaw.com
Web: cmprlaw.com

COHNREZNICK

Renee Scruggs, Partner
7501 Wisconsin Avenue, Suite 400 E
Bethesda, MD 20814-6583
Telephone: (301) 657-7706
Fax: (301) 657-7707
E-mail: renee.scruggs@cohnreznick.com
Web: cohnreznick.com

DAUBY O’CONNOR & ZALESKI, LLC

Sean O’Connor
501 Congressional Blvd., Suite 300
Carmel, IN 46032
Telephone: (317) 848-5700
Fax: (317) 815-6140
E-mail: soconnor@doz.net
Web: doz.net

DIXON HUGHES GOODMAN LLP

Margaret Thompson
1829 Eastchester Drive
High Point, NC 27265
Telephone: (336) 889-5156
Fax: (336) 889-6168
E-mail: mthompson@dhlggp.com
Web: dhgllp.com

EIDE BAILLY LLP

Shannon Breuer
4310 17th Avenue
South Fargo, ND 58103
Telephone: (701) 239-8575
Fax: (701) 239-8600
E-mail: sbreuer@eidebailly.com
Web: eidebailly.com

FIFTH THIRD COMMUNITY DEVELOPMENT CORPORATION

Catherine Cawthon, President
5747 Perimeter Drive, Suite #253
Dublin, OH 43017
Telephone: (614) 734-0517
Fax: (614) 734-0781
E-mail: catherine.cawthon@53.com
Web: 53.com

LOOMIS, EWERT, PARSLEY, DAVIS & GOTTING, PC

Ted Rozeboom, Esq.
124 West Allegan, Suite 700
Lansing, MI 48933
Telephone: (517) 482-2400
Fax: (517) 853-8619
E-mail: tsrozeboom@loomislaw.com
Web: islaw.com

NATIONAL AFFORDABLE HOUSING TRUST

Lori Little
2335 North Bank Drive
Columbus, OH 43220 Telephone:
Telephone: (614) 451-9929
Fax: (614) 451 -3370
E-mail: llittle@naht.org
Web: naht.org

NATIONAL DEVELOPMENT COUNCIL

Mike Griffin, NDC Corporate Equity Fund
708 3rd Avenue, Suite 710
New York, NY 10017 Telephone:
Telephone: (440) 406-9647
E-mail: mgriffin@nationaldevelopmentcouncil.org
Web: ef.org

NIXON PEABODY LLP

Thomas Giblin
100 Summer Street
Boston, MA 02110
Telephone: (617) 345-1102
Fax: (617) 345-1300
E-mail: tgiblin@nixonpeabody.com
Web: nixonpeabody.com

NOVOGRADAC & COMPANY LLP

Renee Beaver
1100 Superior Avenue East, Suite 900
Cleveland, OH 44114
Telephone: (216) 298-9000
Fax: (216) 298-9025
E-mail: renee.beaver@novoco.com
Web: novoco.com

OTIS, ATWELL

Thomas Gioia, Partner / Shareholder
324 Gannett Drive
South Portland, ME 04106
Telephone: (207) 780-1100
Fax: (207) 780-1999
E-mail: tgioia@otisatwell.com
Web: otisatwell.com

PLANTE & MORAN, PLLC

Rob Edwards, CPA / Partner
1111 Michigan Avenue
East Lansing, MI 48823
Telephone: (517) 336-7460
Fax: (517) 332-8502
E-mail: robert.edwards@plantemoran.com
Web: plantemoran.com

RUBINBROWN, LLP

Bryan Keller, CPA, Partner-in-Charge, Real Estate Group
One North Brentwood
St. Louis, MO 63105
Telephone: (314) 290-3341
Fax: (314) 290-3400
E-mail: bryan.keller@rubinbrown.com
Web: rubinbrown.com

SPECTRUM SEMINARS

Steven Rosenblatt, President
545 Shore Road
Cape Elizabeth, ME 04107
Telephone: (207) 767-8000
Fax: (207) 767-2200
E-mail: info@spectrumseminars.com
Web: spectrumseminars.com

SQUIRE PATTON BOGGS (US) LLP

Michael Saad, Partner
2000 Huntington Center 41 South High Street
Columbus, OH 43215
Telephone: (614) 365-2735
Fax: (614) 365-2499
E-mail: michael.saad@squirepb.com
Web: squirepattonboggs.com

VOGT SANTER INSIGHTS, LTD.

Chip Santer
869 West Goodale Blvd.
Columbus, OH 43212
Telephone: (614) 224-4300
Fax: (614) 225-9505
E-mail: chips@vsinsights.com
Web: vsinsights.com

ZEFFERT AND ASSOCIATES

2321 Weldon Parkway
St. Louis, MO 63146
Telephone: (866) 760-6000
Fax: (614) 365-2499
Web: zeffert.com

MEMBERSHIP OPPORTUNITIES

There are two levels of membership in the NASLEF association: Active Member and Corporate Member. If you are interested in becoming an Active or Corporate member, please review the eligibility information below to ensure your organization qualifies. Membership in NASLEF must be approved by the NASLEF Board of Directors. We thank you for your interest in NASLEF and encourage you to submit an application. We will contact you soon with more information about joining NASLEF. If you have any questions, please contact Sabrina Moreno, NASLEF Executive Director, at smoreno@merrittcap.org.

 

A. ACTIVE MEMBER – $2,000 + FTE (FULL-TIME EMPLOYEES)

An Active Member is defined as:

  • Any organization whose principal employment is that of a regional, state or local equity fund not solely controlled by or managed by a national fund, consultant or third party
  • NASLEF Active Members pay a base fee of $2,000 yearly and an additional yearly amount based on the number of Full-time employees (FTE) within the organization
    • 1-10 FTE’s$2,000
    • >10-24 FTE’s$5,000
    • >24 + FTE’s$10,000

Active Member benefits include:

  • Association voting privileges
  • Listing of company information in NASLEF’s Membership Directory, website, and other NASLEF publications
  • Participation in networking opportunities, IRR-seminars, special asset management sessions, annual conference, and Executive Director’s meeting
  • Eligibility for service as a Director or Officer on the NASLEF Board

B. CORPORATE MEMBER – $2,000

A Corporate Member is defined as:

  • Any government agency, corporation, syndicator, professional association, broker, consultant, attorney, accountant, or other individual having a professional interest and involvement in the Low-Income Housing Tax Credit (LIHTC) program
  • A national equity fund or consultant actively engaged in the management or co-management of a state or local equity fund
  • Any investors in Active Member funds and state housing finance agencies

Corporate Member benefits include:

  • Advantageous networking/business opportunities via access to 12 Equity Fund Members in 39 states
  • Listing of company information in NASLEF’s Membership Directory and website
  • Networking/training opportunities in LIHTC at the NASLEF Annual Conference
  • Opportunities to promote your business to the industry
  • Contact with peers who network with specific state industries

portfolio of homes built

Items for Map

CAHEC

Alabama, District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia

Delaware Community Investment Corp. (DCIC)

Delaware, Maryland, New Jersey, Pennsylvania

FAHE Capital Corp. (FAHE)

Kentucky

Great Lakes Capital Fund (GLCF)

Illinois, Indiana, Michigan, Minnesota, Mississippi, New York, Wisconsin

Hawaii Housing Finance, LLC (HHF)

Hawaii

Housing Vermont (HV)

Vermont

Massachusetts Housing Investment Corp. (MHIC)

Connecticut, Massachusetts, Rhode Island

Merritt Community Capital Corp. (MCCC)

California

Midwest Housing Equity Group, Inc. (MHEG)

Arkansas, Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma, South Dakota, Texas

Mountain Plains Equity Group, Inc. (MPEG)

Colorado, Montana, North Dakota, South Dakota, Wyoming

Northern New England Housing Investment Fund (NNEHIF)

Maine, New Hampshire

Ohio Capital Corp. for Housing (OCCH)

Indiana, Kentucky, Ohio, Pennsylvania, West Virginia

St. Louis Equity Fund, Inc. (SL)

Illinois, Kansas, Missouri

Virginia Community Development Corp. (VCDC)

Kentucky, Virginia

Fund Portfolios

CAHEC

Brentwood Place, Forsyth, Georgia

Brentwood Place, developed by the nonprofit team of In-Fill Housing, Inc., and Tapestry Development Group, is a new construction family community in Forsyth, Georgia. This garden-style development features 79 units, along with a fully-equipped 3,300 square foot community center with a game room, fireplace, kitchen, laundry facility, and covered porch. In addition to spacious apartments, the community also boasts gorgeous outdoor space for residents, including a playground and covered pavilion with a grilling area. Nestled on a 10-acre site just a few blocks south of the city square, Brentwood Place is the first LIHTC development in Forsyth – a thriving small town of working families located in one of Georgia’s most desirable school districts. With very few vacancies at both conventional and affordable properties in the market, this small city had a big need for housing. Surpassing estimates, it took just five months for 79 families to call Brentwood Place home. CAHEC invested more than $6.5 million in equity.

Delaware Community Investment Corporation

Market Street Apartments, Wilmington, Delaware

The Market Street Apartments project, located in Wilmington, Delaware, involves the adaptive reuse of three historic commercial buildings located in the heart of Wilmington’s Market Street Historic District. The mixed-income development will include 76 new residential units, with 61 units reserved for working professionals with moderate to low-incomes. The remaining 15 units will be rented at market rate. Market Street Apartments will be specifically marketed as an affordable housing alternative to professionals working in the education system, as typical teacher salaries are within the qualifying limits of these affordable housing units. While targeted to education professionals, Market Street will be open to all individuals meeting the leasing criteria. The development team is led by BPG Real Estate Services (BPG) and Ingerman Management. BPG has been involved in the redevelopment of ten buildings on a less than ½ mile stretch on Market Street surrounding the development and has been at the forefront of the redevelopment of Wilmington. Delaware Community Investment Corporation (DCIC) provided $9 million of equity through Housing Tax Credits and partnerships with the private sector. Market Street is the first development to receive funding from DCIC Capital Fund I, the first Delaware-focused equity investment fund formed since DCIC became part of Great Lakes Capital Fund in late 2013.

FAHE Capital Corporation

Main Cross Apartments, Mt. Sterling, Kentucky

The Main Cross Apartments consists of 51 units, 28 one-bedroom, 23 two-bedroom units. All apartments have one bathroom. The complex also has common space including a community room, management and maintenance offices, a common kitchen, and lounge areas on several floors. The total area of the project is 55,098 square feet.

Great Lakes Capital Fund

Central Park Towers, Elgin, Illinois

Central Park Towers, a senior affordable housing development, includes the renovation of an 11 story building as well as the new construction of a 6 story adjacent building located in Elgin, Illinois. The development, one of the nation’s largest Rental Assistance Demonstration, or RAD, project, will yield 150 affordable housing units and 14 market rate units. The $33 million project took intensive, dedicated work from various partners. Primary funding for the project came from the Illinois Housing Development Authority’s Housing Tax Credit program and Great Lakes Capital Fund (GLCF), who provided over $14 million in equity. GLCF also provided a Tax Credit Bridge Loan in the amount of $10.5 million. Capital Fund Services (CFS), a GLCF-family company, worked with Love Funding to secure a mortgage through the U.S. Department of Housing and Urban Development/Federal Housing Administration. Additionally, CFS provided a predevelopment loan for the development. Title work for Central Park Towers was provided by Capital Fund Title Services.

HAWAII HOUSING FINANCE, LLC

Mohouli Senior Phase I, Hilo, Hawaii

Mohouli Heights Senior Phase I is located on 16 acres in Hilo, Hawaii. The project sits on a 6-acre site featuring lush tropical foliage and lava rocks. Comprised of 11 residential buildings and a community gathering area, the entire project is interconnected by covered walkways to provide rain and sun protection.

Phase I consists of 60 576-square-foot rental units. Additional amenities include activity and meeting rooms, gardening areas, on-site parking and laundry rooms. A portion of the master plan will be used for the Hilo Adult Day Care Center.

HOUSING VERMONT

Harrington Village, Shelburne, Vermont

Housing Vermont partnered with The Champlain Housing Trust to develop Harrington Village, a new neighborhood comprised of five apartment buildings providing a total of 42 spacious, mixed-income family apartments as part of the master plan for a 22-acre parcel located in the heart of Shelburne. Harrington Village shares the parcel with 36 senior apartments and four Habitat for Humanity homes. The project also preserved 13 acres along the LaPlatte River.

LIHTC equity provided $6.3 million of the $10.7 million total development costs. Other sources of funds for Harrington Village included NeighborWorks America, Vermont Housing and Conservation Board, Vermont Department of Housing and Community Development, Town of Shelburne, and several energy efficiency funds. Harrington Village opened July 2014 to strong demand.

Massachusetts Housing Investment Corporation

225 Centre Street, Boston, Massachusetts

This new, mixed-use building is the first phase of the $250 million transformation of Boston’s Jackson Square, a neighborhood that was bulldozed 40 years ago in the name of urban renewal. Immediately adjacent to an MBTA station, the property is a six-story building with 103 units of mixed-income rental housing (35 of which are affordable), 16,200 square feet of commercial/retail space on the ground floor, underground parking, and attractive landscaping. MHIC provided $4.6 million in low-income housing tax credit financing, and $325,000 in predevelopment financing and $5.4 million in New Markets Tax Credit financing for the commercial portion. The Community Builders developed the housing component and Mitchell Properties developed the commercial part. Financing for 225 Centre Street housing also came from MassHousing, the state Department of Housing and Community Development and the City of Boston..

MERRITT COMMUNITY CAPITAL CORPORATION

Drasnin Manor, Oakland, California

Drasnin Manor is an acquisition/rehabilitation project of 26 family units with ground floor retail space in the lower San Antonio neighborhood of East Oakland. The East Bay Asian Local Development Corporation (EBALDC) is the developer, guarantor and property manager of Drasnin Manor.

There are three one-bedroom, nine two-bedroom and 14 three-bedroom units. Drasnin Manor consists of two and three story buildings centered around a courtyard with a community room, manager’s office and laundry room. Resident services will include an on-site service coordinator provided by EBALDC to coordinate services, classes and programs. Drasnin is conveniently located near various major bus and transit lines.

The property will be financed using tax-exempt bonds placed with Citibank, significant soft debt from the City of Oakland, HCD and an AHP loan from Citibank along with proceeds from 4% LIHTC purchased by Fund XIV. Twenty-five of the units will have Project Based Section 8 provided by the Oakland Housing Authority. Merritt Community Capital Fund XIV invested over $2,700,000 in the project.

Midwest Housing Equity Group, Inc.

Stephen Center, Omaha, Nebraska

MHEG was honored to partner with the Stephen Center and J. Development Company to develop the Pettigrew Emergency Shelter and Permanent Supportive Housing. The Pettigrew facility was carefully and thoughtfully planned out to ensure the continued success of the Stephen Center’s mission. This brand new facility offers so much for those in need in the Omaha community.

The ground level will provide emergency shelter for men, women and families. This level will also have a large cafeteria and kitchen, free pantry, children’s playroom, laundry facility, storage rooms and offices. The street level will house more administrative offices, as well as a wellness center for caseworkers, meeting rooms, a completely kids’ room and a computer center. The second and third floors will offer 62 permanent supportive housing units (comprised of studio, one, two and three-bedroom units), tenant lounges and more laundry facilities. MHEG provided $7.3 million in low-income housing tax credit financing.

Mountain Plains Equity Group, Inc.

Aspen Place Apartments, Missoula, Montana

Aspen Place Apartments opened its doors in November of 2014, offering a quality new housing option for low-income seniors in Missoula, Montana. Conveniently located at 2500 Great Northern Avenue, this 3-story, 36-unit apartment complex features a modern and efficient design. Public transportation is right outside the front door and the complex is within walking distance of several retailers, banks, restaurants and a movie theater, as well as close proximity to a hospital and post office.

Aspen Place offers 24 1-bedroom units and 12 2-bedroom units; each unit is equipped with central air and heat, full set of appliances, including a washer/dryer set. Residents have access to the on-site community room/kitchen, exercise room, library, garden and walking path. Aspen Place is the first low-income housing tax credit project for seniors to be built in Missoula in several years. Allocated through the Montana Board of Housing, the tax credits were instrumental in the financing of this project. The overall financing package was arranged by Mountain Plains Equity Group Inc. (MPEG), with special thanks given to First Interstate Bank. FIB is the equity investor, as well as the lender for both the construction loan and the permanent mortgage.

Aspen Place is owned by District XI Human Resource Council, Inc. The development team consists of Paradigm V2 Architects, Howard Construction, and Sparrow Management as the property manager. A great collaborative effort by local talent to address senior housing in Missoula, Montana!

Northern New England Housing Investment Fund

Campbell Creek Village, Boothbay Harbor, Maine

Campbell Creek Village is a 36 unit mixed use community located in coastal Boothbay Harbor, ME. The project was an occupied rehabilitation of two existing complexes in total disrepair, some residents living in squalor. Community Housing of Maine (CHOM), a non-profit organization providing advocacy, supportive housing, community inclusion, and stability to homeless and special needs populations across the state, is the developer. CHOM, local community members and organizations, construction and property management and the financial investment of NNEHIF and TD Bank, together transformed not only the living conditions of the existing tenants but created a comfortable and safe haven for all that reside here. Holly Stover from the Maine Department of Health and Human Services said, “For the first time in this place, people are proud of where they live.”

Ohio Capital Corporation for Housing

Commons at Madeline Park, Akron, Ohio

The Commons at Madeline Park in Akron, Ohio involves the $10.5 million construction of 60 one-bedroom units designed to house individuals who are homeless or have special needs. OCCH provided an equity investment of $7.8 million to the project. Developed by Testa Enterprises, Inc. and Community Support Services, The Commons at Madeline Park features on-site 24 hour staff, a two-story great room, a community kitchen/dining room, security cameras, laundry facilitates, storage facilities, case management and interview rooms, a medical exam room, and on-site store. The Commons at Madeline Park also features outdoor sitting areas and a Butterfly Healing Garden.

Each furnished one-bedroom apartment includes an accessible kitchen with a range and refrigerator and full bath. Units also contain an intercom, central air-conditioning, internally monitored security system, emergency call buttons, and window coverings. Community Support Services provides case management support for the development.

The Commons at Madeline Park was developed using a combination of Low Income Housing Tax Credits and an Ohio Housing Trust Fund loan administered through the Ohio Housing Finance Agency (OHFA), a construction loan through FirstMerit Bank, HOME funds through the City of Akron, and a Development Supportive Housing Program grant through the U.S. Department of Housing and Urban Development. 

St. Louis Equity Fund, Inc.

The Salvation Army 3010 Apartments, St. Louis, Missouri

The Salvation Army’s Harbor Light facility at 3010 Washington Avenue was transformed into 58 one-bedroom apartments, all of which are rent-restricted and serve low to very low-income adults emerging from homelessness in St. Louis, with a special preference for veterans. This development is the second phase of a five-phase development located on The Salvation Army’s Midtown Development Campus. The first phase, The Salvation Army Veterans Residence, was also a St. Louis Equity Fund investment.

Future phases of the Midtown Development Campus include:

  • The Red Shield Center, a community recreational center that will house community and meeting spaces, a full-size gym/fitness center, and a performing arts center for both Midtown Development Campus residents, community members, and other clients of The Salvation Army;
  • A community behavioral health clinic; and,
  • A mixed-used building that will provide 35 housing units as well as commercial and retail space.

This investment represents the third partnership between St. Louis Equity Fund and The Salvation Army.

Virginia Community Development Corporation

The Warwick Hotel, Newport News, Virginia

The Warwick Hotel, in Newport News, Virginia, was built in 1928 and now serves as an 88 single-room occupancy residence providing affordable permanent supportive rental housing for formerly homeless persons. The Warwick, as it is called today, was the 2014 J. Timothy Anderson Award recipient for Excellence in Historic Rehabilitation. The rehabilitation of the Warwick meets EarthCraft standards and is 50% more energy efficient than the 2004 International Energy Conservation Code. Total development costs for the project was $8.9 million. Funding sources include $1.1 million state historic tax credit equity and $6.7 million in tax credit equity funding from VCDC.