Completed LIHTC Applications and Awards
–Jarrell Washington Park, Illinois (4% LIHTC)
The subject 100 unit project is proposed rehabilitation has a Total Development Costs of $17.4M.
All 100 units are affordable units as part of the Low Income Housing Tax Credit (LIHTC) program. The improvements were constructed between 1898 and 1908 and are 78%(reflects a number of down units) leased as of the effective appraisal date. Current condition is average to fair with the buyers proposing an extensive renovation and extending the LIHTC restrictions. The total site area for all eight properties is 2.14 acres or 93,291 square feet.
The eight buildings (one vacant parcel) were former 4% and 9% LIHTC projects (IHDA and City of Chicago). Over the years, renovations are required to improve the building to operate more efficiently and better environment for the tenants. Per the property needs assessment report (and developer experience), each building will require different levels of improvements, such as, roof, overhead sewers, kitchen and baths finish upgrades, tuck-pointing and lintel work, unit finishes, HVAC replacements (higher efficiencies), building mechanical controls, GFI outlet replacements, some foundation work, unit entry doors, common area work (paint, lighting and carpet), etc
Osage Beach, Missouri (9% LIHTC)
The new construction proposes to build a 40- unit Affordable Senior Community with 10% of the units set aside for the Special Needs population located in Osage Beach, MO. The City of Osage Beach is in the Lake of the Ozarks Region, Camden County in central Missouri. The proposed site is comprised of 4.17 acres in an excellent location as it is near amenities including grocery, pharmacy, hospital, and restaurants. Total project costs are estimated at $7,038,464 ($175,962/unit). The anticipated capital stack for this proposal is as follows: Federal Tax Credit Equity, HOME funds, Conventional Debt, Seller Note and Deferred Developer fee.
Drexel Court, Illinois (4% LIHTC)
The total development costs totals is $63.4M, $92.4K per unit rehab, and 100% Project Based Contract. Sponsor plans to acquire and rehab 4 scattered site buildings features 4 buildings totaling 156 units. 154 units are all low-income residential units with 2 additional unit being a 60% AMI subsidized unit. There are also three retail units, with two of the space occupied that contribute to commercial income. Improvements to the building envelopes, dwelling units, common areas and sites. The masonry will be repointed on an as-needed basis. Existing roofs will be replaced with new insulation and flat roofing materials. Existing bathroom vanities, medicine cabinets, toilets, tub spouts/ handles and showerheads will be removed and replaced with new. In kitchens, cabinets, countertops, sinks, and faucets will be removed and replaced with new. Existing kitchen appliances will be removed and replaced with new appliances. Existing bathrooms will be removed and replaced with new- fixtures and cabinets. Low- flow/ energy- saving fixtures will be utilized wherever possible.All units will receive new low- VOC paint at walls, doors, ceilings (repairs as necessary). Existing unit flooring will be removed and replaced with new, as required, though original hardwood floors in good condition will be salvaged. New LED light fixtures will be provided throughout the units at existing locations. New “smart” programmable thermostats will be provided. Common areas shall be renovated and made UFAS- compliant as much as possible, depending on existing conditions. New access control and state- of- the- art security cameras will be installed throughout the properties.
WestLawn VII, Wisconsin (4% LIHTC and State Tax Credit)
The subject land is vacant and the housing development is proposed as new construction, family project that has a Total Development Costs of $44M. The old buildings will be razed because they are older barracks style public housing buildings constructed during the late 1950s that had occupied the site. The proposed development is comprised of 32 buildings with a total of 97 dwelling units.
Seventy (70) of the subject’s units will be subsidized under HUD’s Rental Assistance Demonstration (RAD) program with Project-based Vouchers (PBV) while 23 units will have standard Section 8 project based vouchers and 4 market rate units will have neither rent nor income restrictions. Eighty-seven (87) units are to qualify for low income housing tax credits.
Westlawn V- Permanent Supportive Housing, Wisconsin (9% LIHTC)
The subject land is vacant and the housing development is proposed as new construction, family project that has a Total Development Costs of $12M. Westlawn Renaissance V will be a one three story elevator building and will have 44 one and two bedroom units. Twenty (20) of the subject’s units will target young adults who are aging out of foster care who are particularly at risk of becoming homeless with neither direct parental support nor paid foster care support. In addition, the development will include “community service facility “space as defined under Sec 42 of the IRS Code. The owner and Crucible Inc. have entered into a Memorandum of Understanding which outlines the intended use of the space, and the services to be offered to the greater Westlawn community.
The subject property is a continuation phase of development in the Westlawn Revitalization development; Westlawn East consists of 250 new subsidized/tax credit units, which replaced older public housing units; the older units were razed to allow development of Westlawn East. Similarly, old apartment buildings in Westlawn West have been razed to allow construction of the subject as well as previous phases of Westlawn Renaissance.
Towns at Carver Park, Wisconsin (9% LIHTC)
The subject project is proposed rehabilitation has a Total Development Costs of $21.6M. The Developer is proposing to substantially renovate the Townhomes at Carver Park, an existing multifamily rental development totaling 122 rental units targeting residents of all ages.
The existing 35, two-story buildings were originally constructed in 2001 and are currently operating as a Section 42 LIHTC, market rate, and low income public housing development whereby existing eligible tenants receive a federal rental subsidy from the HUD in the form of Capital and Operations Funding under Section 9 of the United State Housing Act of 1937.