Ashtabula Main Avenue Historic District Under Consideration by National Register of Historic Places
The Ashtabula Main Avenue Historic District is being considered by the Ohio Site Preservation Advisory Board for nomination to the National Register of Historic Places. This district will assist in preserving the great historic buildings up and down Main Avenue and will unlock tax incentives, such as federal and state credits for future development downtown, of which they have already been awarded,
Sen. Grassley: Senators Urge Regulatory Relief for Energy Tax Credits in Light of Pandemic Setbacks
The Senators are seeking an extension of the "continuity safe harbor" from 4 years to 5 years for projects that began construction in 2016 or 2017 under the energy production and investment tax credit. This will provide relief to projects that are near completion, but due to setbacks related to Covid-19 are at risk of losing their tax credit eligibility.
Final Funds Granted to Hotel Maytag Developers
About $150,000 of previously bonded city funds have been reallocated to developers of the Hotel Maytag rehabilitation project due to "unforeseen structural challenges." This will now complete the project which also includes Bond Funds from their TIF District and Historic Tax Credits.
Jonathan Rose Cos., Columbia Residential to Preserve Atlanta Affordable Housing
A joint venture between Jonathan Rose Cos. and Columbia Residential, in partnership with community-based nonprofit SUMMECH Community Development Corp., is preserving 181 units of affordable housing near downtown Atlanta. Funding for the project is structured with $23 MM in federal and state LIHTC equity from U.S. Bancorp Community Development Corp. and a $26.4 MM Freddie Mac TEL first mortgage from Capital One. SUMMECH also provided $1.5 MM in soft financing.
Developers Hope Affordable Housing Financing Gets Rethought
LIHTC's, the principle way affordable housing developers fund projects, have dropped in value since the economic slowdown has given banks and other investors pause about the sector. There has been about a 10% drop in the market for LIHTCs. One fix could be the federal government effectively intervening in the LIHTC market itself as it did in the recession to help fill in funding gaps.
The Habitat Company and P3 Markets Clears First Round of Financing For TOD Mixed-Use Development In Chicago
Chicago-based The Habitat Company, today announced the firm cleared a key hurdle in financing the first phase of 43 Green, a $35M mixed-income, mixed-use transit-oriented development (TOD) in Chicago's Grand Boulevard neighborhood also including LIHTC's.
Greenwich Housing Authority Receives $10.5 MM Tax Credit for Gut Rehabs at Armstrong Court
Greenwich's Housing Authority was recently notified that it was awarded almost $10.5 MM in tax credits from the Connecticut Housing Finance Authority (CHFA). The proceeds from the sale of credits to investors will contribute $10.5 MM in equity towards a 144-unit Armstrong Court redevelopment project will consist of at least 4 phases.
Innovation Center Backers Say Pandemic Could Cause Some Funding Holdups
A mix of private-sector money, federal new market tax credits, historic preservation tax credits and a hefty contribution from the State of Mississippi make up the bulk of funding for the $22 million technology and innovation center scheduled to open next year in Vicksburg's former Mississippi Hardware building. However, Covid-19 has diverted the legislature's resources elsewhere and US Treasury has not set allocations for NMTC's as of yet.
Chicago Awards $13.2 Million In Housing Tax Credits
Chicago is advancing nearly $400 million in affordable housing developments through its (LIHTC) allocation process. Total development costs for the selected projects are estimated at $398 million and include all public and private resources: $13.2 MM in 9% LIHTC's to generate an estimated $126.2 MM in private resources and equity; an estimated $60.4 MM in federal subsidy; and $23.5 MM in TIF.
New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel Into Student Housing For Tulane Medical Students
The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer.
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