DECEMBER 2013

HOUSINGFINANCE.COM
VOL. 21, NO. 9
LIHTCYEARBOOK
How the housing credit delivers homes
and jobs across the country
2013
Commercial Real Estate Finance
Your Property
Our Financing
Fannie Mae
Freddie Mac
FHA
Bridge
CMBS
Life Company
Corporate Headquarters
7501 Wisconsin Avenue, Suite 1200E
Bethesda, Maryland 20814
(301) 215-5500
www.walkerdunlop.com
California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight.
Juniper Apartments
Manteca, California
CFY Development and Egis Group, Inc.
Source: NAHB Housing Policy Dept: The Local Economic Impact of Typical Housing Tax Credit Developments, 03/2010. This advertisement is for informational purposes only. RBC Capital Markets is a registered
trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its afliates, including RBC Capital Markets, LLC (member FINRA, NYSE
and SIPC). Registered trademark of Royal Bank of Canada. Used under license. Copyright 2013. All rights reserved.
Contact us at 1.888.875.9223
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West Region
stacie.altmann@rbccm.com
Brian Flanagan
Director
Southeast Region
brian.anagan@rbccm.com
Dan Kierce
Director
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Director
Gulf Coast Region
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Director
Northeast Region
thomas.maxwell@rbccm.com
RBC Capital Markets Tax Credit Equity Group syndicated $7.7 million in LIHTC equity for Juniper Apartments,
a 153-unit affordable housing development serving families in Manteca. The project is estimated to have created
187 jobs during construction and 46 ongoing jobs in the San Joaquin county area. RBC was pleased to partner
on this property which leased up quickly and reects the strong need for workforce housing in this northern
California community.
2 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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Amy Anthony, Preservation of Affordable Housing; Laura Burns, The Eagle Point Cos.; Brenda Champy,
Boston Capital; Michael Costa, Highridge Costa Cos.; Conrad Egan, Affordable Housing Institute;
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R. Lee Harris, Cohen-Esrey Real Estate Services, LLC; J. David Heller, The NRP Group;
Robert Hoskins, The NuRock Cos.; Bill Kelly, Stewards of Affordable Housing for the Future;
Mary Kenney, Illinois Housing Development Authority; Bart Mitchell, The Community Builders;
Robert Moss, CohnReznick; Patrick Nash, JPMorgan Capital Corp.;
Jeanne L. Peterson, CohnReznick; Paul Purcell, Beacon Development Group;
Patrick N. Sheridan, Volunteers of America; Beth Stohr, U.S. Bancorp CDC;
Monica Sussman, Nixon Peabody, LLP; Ronne Thielen, R4 Capital, Inc.;
Sean Thomas, Ohio Housing Finance Agency; Whitney Weller, Michaels Development Co.;
Charles Werhane, Enterprise Community Investment
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LIHTCYEARBOOK
2013
42
40
6 A MODEL PROGRAM
The low-income housing tax credit (LIHTC)
program has been the nations most
important and successful housing program
for nearly 30 years.
8 KEYS TO SUCCESS
True publicprivate partnership plays a
crucial role in the programs achievements.
10 THE NEED GROWS
While the housing market shows signs of
recovery, the ranks of the least fortunate
households continue to rise.
13 SUCCESS STORIES
Twelve proles show the diversity of
housing being built and people being served
by the LIHTC program.
CONTENTS
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Arlington Mill Residences, Arlington, Va.
Parkview Senior Living Community, Racine, Wis.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other
commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic
advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates),
including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers
and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured
|ay |ose va|ue /|e |ot ban| 6ua|anteed C20!3 ban| of /me||:a Co|po|at|on 04-!3-203/
The power of global connections
Connecting community developers
with nancial expertise and capital
to build aordable housing. Its how
people and communities thrive.
baml.com/commercialre
welcome home
4 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
A PANACEA WITHOUT PEER
T
he publication you hold in your hands is
a special edition of AFFORDABLE HOUSING
FINANCE devoted to celebrating the outra-
geously successful low-income housing
tax credit (LIHTC) program.
The program, now in its 27th year, is a
uniquely American solution to a pressing, ever-
present problem. It leverages private capital to
produce an essential public purpose, tapping
into a free-market system to provide safe, decent,
and afordable housing to Americas low-income
families.
The LIHTC itself was a stroke of brilliance,
perhaps the most shining example of the power of
publicprivate partnerships in the history of our
great nation. Its a model of efciency and efec-
tivenessdevelopers compete for the credits; de-
velopments receive only as much capital as they
need to be viable; each state tailors the program
to meet its unique needs; and the private sector
bears all the risk.
Then again, maybe risk is the wrong word
to use here: Apartment communities nanced
through the LIHTC program have a foreclosure
rate of less than 1 percentthe lowest of any com-
mercial or residential real estate asset class.
In fact, the program has been so successful that
its become a solution for many problems beyond
those it was originally intended to solve: It truly
is the Swiss Army Knife of Americas housing
policy.
The program was created to produce new af-
fordable housing for low-income families, and in
that, its been wildly productive, creating about
100,000 homes every year.
But the LIHTC proved to be such a powerful
tool in raising equity to nance new development
that it was quickly expanded to include renova-
tions of existing properties, as well. All told, since
its inception, the LIHTC has created or preserved
more than 2.6 million units of afordable housing.
Yet, Id be doing the LIHTC a disservice just
to quote facts and gures. The programs success
cant be measured by volume aloneit also serves
a variety of public purposes far beyond the scope
outlined in the Tax Reform Act of 1986 under
President Ronald Reagan.
Originally aimed at low-income families, the
LIHTC program is now applied to quite a multi-
tude of diferent populations, including seniors,
veterans at risk of homelessness, farmwork-
ers, formerly homeless families and individuals,
abused women, youths aging out of foster care,
and people with special needs, such as the men-
tally or physically disabled.
The LIHTC has also been asked to step up in
times of our nations most dire need, helping to
rebuild communities throughout the Gulf Coast
after the devastation of Hurricane Katrina, as
well as the recent tornadoes and oods in the
Midwest.
Given all of these various uses, a strong argu-
ment could be made that such a powerful and
efective tool needs to be expandednot just to
keep up with the pace of obsolescence, not just
to keep up with the booming demand for seniors
housing, and not just to keep more families and
veterans from the horrors of homelessnessbut,
taken all together, to keep up with all of these
needs and more.
The high-impact, low-risk program goes way
beyond the clich, If it aint broke, dont x it.
The overriding maxim should be, If its broke, the
LIHTC can x it.
EDITORS NOTE
By Jerry Ascierto
GIVEN ALL OF
ITS VARIOUS
USES, A STRONG
ARGUMENT
COULD AND
SHOULD BE MADE
THAT SUCH A
POWERFUL AND
EFFECTIVE TOOL
NEEDS TO BE
EXPANDED.
Hudson Housing Capital has long served as a
trusted nancial partner to tax credit investors and
developers alike. Our track record of delivering results
continues to attract a growing stream of investor capital.
Hudson has consistently provided capital to its
partners through these challenging nancial times.
While Hudson Housing Capital has the experience
and depth of management to understand the most
complicated opportunities, it is the simple things
that set us apart: care in dealing with our partners,
thorough underwriting and meticulous asset manage-
ment. And private ownership that understands the
value of building relationships for the long term.
Talk to those who have worked with us. It really does
matter who you choose as a partner.
IT REALLY DOES
MATTER WHO
YOU CHOOSE AS
A PARTNER.
Hudson Housing Capital LLC
630 Fifth Avenue, Rockefeller Center, 28th Floor, New York, NY 10111
Tel: 212-218-4488 Fax: 212-218-4467
www.hudsonhousing.com
7545 Irvine Center Drive, Suite 200 Irvine, CA 92618

Tel: 949-623-8563
525 B Street, Suite 1500, San Diego CA 92101

Tel: 619-297-6500
7535 Little River Turnpike, Suite 204 Annandale, VA 22003

Tel: 703-639-0880
100 Cummings Center, Suite 433A Beverly, MA 01915 Tel: 978-236-4252
251 Recinto Sur, 2nd oor San Juan, PR 00901

Tel: 787-721-7929
6 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 7
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A MODEL PROGRAM
T
he low-income housing tax credit (LIHTC) is the most
important and successful federal program for the pro-
duction and preservation of afordable housing.
The housing credit has nanced about 2.6 million
afordable housing units across the country during its nearly
30-year history. Established as part of the Tax Reform Act of
1986 under President Ronald Reagan, the program has earned
strong bipartisan support throughout its history.
Thats because the model program has done what it was in-
tended to do and more, steadily producing quality afordable
housing and meeting the unique needs of diferent communi-
ties. It has provided critical homes for working families, se-
niors, veterans, disabled individuals, and people who have been
homeless. The LIHTC has also been a critical tool in rebuild-
ing communities after devastating natural disasters, including
Hurricane Katrina in the Gulf Coast and recent tornadoes and
oods in the Midwest.
Housing credits are needed because its not economically
feasible to build afordable housing with restricted rents with-
out a way to make up the diference in what it costs to build
a property and the income that can be generated to support
the development costs. LIHTCs play a major role in a devel-
opments budget, with developers using the credits to raise the
needed equity for their projects and keep down their debt levels.
Citing the LIHTC programs history of success, the Bipartisan
Policy Centers Housing Commission this year strongly urged
that the housing credit not only be preserved but expanded.
To help address the growing demand for rental housing, we
recommend that the annual LIHTC allocation be increased by
50 percent, as the resources are identied, to support a higher
level of afordable housing development, said the commission,
which is chaired by former U.S. senators George Mitchell and
Christopher Kit Bond, former U.S. senator and Department
of Housing and Urban Development (HUD) secretary Mel
Martinez, and former HUD secretary Henry Cisneros.
The housing credit is unique because it is designed with
private investment and state supervision in mind. Although
the program is regulated by the Internal Revenue Service
(IRS), each state tailors the program to meet its own particu-
lar housing needs. Developers and investors then make cer-
tain their deals draw on private-sector discipline and will sur-
vive scrutiny by program ofcials.
All the pieces have come together in the LIHTC program.
Corporate investors have stepped up to fund developments.
States have successfully deployed the program to meet their
specic needs. The IRS has been a careful watchdog. And, most
importantly, developers have delivered afordable housing for
millions of Americans.
HOW THE LIHTC WORKS
The low-income housing tax credit
(LIHTC) program works through
publicprivate partnerships.
States receive federal credits
each year based on their population.
In 2014, the per capita amount will be
$2.30, with a small-state minimum of
$2.64 million. With public input, states
prepare Qualifed Allocation Plans that
spell out their housing priorities and
how they will allocate the credits.
Developers must compete to
win the housing credits. Typically,
the demand for LIHTCs far outpaces
the supply of credits that a state
has to allocate. As a result, states
have set up competitions in which
applications are carefully reviewed
and scored, and only the highest-
scoring projects win funding.
To be eligible for tax credits, a
project must set aside at least 20
percent of the units for residents
earning no more than 50 percent
of the area median income (AMI) or
40 percent for people earning no
more than 60 percent of the AMI.
However, the majority of LIHTC
properties target 100 percent of units
at 60 percent of the AMI and below.
Developments must remain
affordable to residents for many
years. They are subject to Internal
Revenue Service compliance rules for
15 years, but affordability restrictions
remain for 30 years or more.
After receiving an award of
housing credits, developers sell
the LIHTCs to investors to raise
equity to build their developments.
As a result, projects are reviewed
again by investors, who bring their
private-sector business discipline to
the process.
Credits are not earned until a
project is completed and operating,
so there is minimal risk to the
federal government.
8 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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THE KEYS TO THE LIHTC
PROGRAMS SUCCESS
T
he low-income housing tax credit (LIHTC) has -
nanced about 2.6 million afordable housing units
since the program was established in 1986.
The most successful afordable housing production
and preservation program in the nations history, the LIHTC
helps create approximately 100,000 homes each year. But its
more than volume that makes the program special. The hous-
ing tax credit serves a wide range of needs and populations, in-
cluding working families, seniors, veterans, formerly homeless
individuals, and people with special needs.
The Swiss Army Knife of all housing programs, the LIHTC
is a tool to build new homes as well as preserve and rehabilitate
old buildings. In addition, the housing credit has been called upon
to help rebuild the Gulf Coast and other disaster-stricken areas.
Each year, about 95,000 full-time jobs are created by the
LIHTC program.
One of the reasons the LIHTC has been so successful is that
it harnesses private-sector investment capital and discipline to
make the housing developments true publicprivate partner-
ships. As a result, foreclosures have occurred in less than 1 per-
cent of all LIHTC properties, far lower than for any other real
estate asset type.
The programs keys to success are multifold:
Only developments that meet federal and state hous-
ing priorities receive credits. Developments receive only the
amount necessary to make them viable.
The program is administered at the state level. With
public input, states issue a plan to allocate the credits. This al-
lows each state to adapt the program to meets its particular
housing needs. In many states, the demand from developers is
two, three, or more times the available supply of credits. As a
result, states select only the best developments.
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 9
ECONOMIC
CONTRIBUTIONS
On the surface, the low-income
housing tax credit program creates
and preserves affordable homes
across the country. However, it does
much more than that, including
generating needed jobs and
stimulating the economy.
Housing tax credit properties
also serve as important catalysts for
improving their neighborhoods.
The programs economic
benefts are impressive. The
LIHTC is a job creator, generating
approximately $7.1 billion in
economic income and approximately
95,000 jobs per year across many
industries. Architects, plumbers,
electricians, carpenters, concrete
fabricators, bricklayers, roofers,
and other specialties beneft when
a LIHTC development is built.
Property managers, maintenance
workers, service providers, and
others then beneft once a property
is occupied.
The National Association of
Home Builders (NAHB) estimates
that, in its frst year, a typical
100-apartment LIHTC development
will have the following impact:
$8.7 million in additional
wages for local workers and profts
for proprietors of businesses;
$3.3 million in additional
taxes for federal, state, and local
governments; and
116 additional jobs, about
half of which are in the construction
sector.
Job creation spurred by LIHTC
development continues after the
construction phase, as well.
The NAHB estimates that after
the homes are occupied, 30 jobs
remain in the wholesale and
retail trade; dining and drinking
establishments; local government;
and health, education, and social
service sectors.
Rules compliance is closely monitored. Owners are sub-
ject to credit recapture for 15 years, and properties generally re-
main afordable for 30 years or more.
Housing credits leverage private capital. The program
was designed to provide only a portion of the development cost,
not the entire amount, so developers must compete for other
funding sources and impress each funder with the quality of
their development.
The program employs a pay-for-performance policy,
minimizing any risk to the federal government. The private
sector bears the risk, with investors only getting to claim and
keep the tax credits if the afordable housing units are built,
leased, and maintained as afordable housing throughout the
compliance period of 15 years. Additionally, there is a 15-year
extended-use period, with many states requiring much longer
afordability.
10 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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THE NEED FOR AFFORDABLE
HOUSING GROWS
T
he housing market has experienced huge swings in the
past decade, and many signs show that a market recov-
ery is under way. But not for everyone. The number of
households with housing cost burdens continues to rise.
Millions of working families, seniors, veterans, and disabled
individuals sufer severe cost burdens and need afordable
housing more than ever.
At last count, in 2011, more than 40 million households
were at least moderately cost-burdened (paying more than 30
percent of their incomes for housing), including 20.6 million
households that were severely burdened (paying more than
half of their incomes for housing), notes the Joint Center for
Housing Studies of Harvard University in its State of the Nations
Housing 2013 report. The latest increases in the number of se-
verely burdened households represent a jump of 347,000 from
2010, 2.6 million from 2007 when the recession began, and 6.7
million from a decade ago.
For every 100 extremely low-income (ELI) renter house-
holds, there are just 30 afordable and available units, accord-
ing to the National Low Income Housing Coalition (NLIHC).
ELI renter households refer to those earning less than 30 per-
cent of the area median income.
In order to close the gap between the demand for aford-
able housing and the supply, the nation would need to add
4.5 million units afordable to ELI households, according to the
NLIHC in its Out of Reach 2013 report.
The number of renter households
with worst-case needs increased to
8.48 million in 2011, up from the
previous high of 7.1 million in 2009,
reports the Department of Housing
and Urban Development. Worst-
case needs are defned as renters
with very low incomes (below half
the median in their area) who do
not receive government housing as-
sistance and who either paid more
than half their monthly incomes for
rent, lived in severely substandard
conditions, or both.
CONTINUED INCREASES IN WORST-CASE NEEDS
2001 2003 2005 2007 2009 2011
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5,000
4,000
3,000
2,000
1,000
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5,014
5,176
5,992 5,905
7,095
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AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 11
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6
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1
1

SUPERHEROES
have extraordinary powers.
They work to the highest standards
and protect the public interest.

Just like CHRIS HOBBS.

Year after year, Chris pushed the
afordable housing industry to be
bettersmarter, more forward-
looking, technically sophisticated
but never losing sight of the human
side of what we do.
National Equity Fund and so many
organizations like it are better for
her keen eye and strong voice.
She spent her career setting a
standard for the industry to follow.

And the impact is clear.
People live better because of the
path Chris forged. Their homes
are healthier. Their communities
are stronger. Their kids have the
chance to be kids.

It really is superhero work.
Thank you Chris Hobbs.
HAPPY RETIREMENT!
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 13
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Y
SUCCESS STORIES
IN EVERY STATE IN THE NATION, THE LIHTC PROGRAM HAS
BEEN A LIFELINE FOR LOW-INCOME HOUSEHOLDS FOR NEARLY 30 YEARS.
O
ne of the strengths of the low-income
housing tax credit (LIHTC) program
is that it meets the needs of diferent
people and communities. The credit
is essential in the development of safe, aford-
able homes for working families, low-income se-
niors, veterans, disabled individuals, and others.
Deployed in every state, the LIHTC brings essen-
tial housing to a wide range of communities, from
large urban centers to small rural towns.
The following pages detail 12 LIHTC develop-
ments from around the country, by congressional
district, that showcase the diversity of housing the
program nances, the people it serves, and the jobs
it generates. Weve estimated how many jobs each
development has created based on data from the
National Association of Home Builders (NAHB).
In its 2010 study The Local Economic Impact
of Typical Housing Tax Credit Developments, the
NAHB found that the construction of a typical
100-unit family tax credit development creates
an average of 122 local one-year jobs. The esti-
mated one-year local impact also includes $7.9
million in local income and $827,000 in taxes and
other revenue. Rehab is also important to provid-
ing afordable homes and construction jobs: For
every $100,000 spent on residential remodeling,
1.11 jobs are generated, according to the NAHBs
analysis of U.S. Bureau of Economic Analysis data.
To see a sampling of this success, turn the page.
Clockwise from top left: The Solstice in Missoula, Mont.; Bud Bailey Apartments, Salt Lake City; Mary Taylor House, West Chester, Pa.; Valley Brook Village, Lyons, N.J.
14 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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VENETIAN WALK FITS IN
WITH VENICE, FLA.
L
ocal ofcials look forward to the March
2014 opening of Venetian Walk, a new af-
fordable housing community in Venice, Fla.
Im very, very proud of having it here,
says Venice mayor John Holic. It will blend in
very nicely with the city.
Venetian Walk will include a mix of public
housing and afordable apartments for seniors in
its rst phase. The property replaces crumbling,
crime-ridden public housing with solidly con-
structed and attractive new housing, says Holic.
With arches over their balconies and red barrel
tiles on their pitched roofs, the four-story buildings
will match the Mediterranean architecture com-
mon in the town. The units will be energy efcient,
as well, thanks to their LEED Gold specications.
The housing authority tore down 50 public
housing apartments in 2009 to make way for
Venetian Walk. Built in the 1960s, the two-story,
cinder-block buildings had sufered serious wa-
ter damage and become locally famous for crime.
We made a commitment to the community
that those would be replaced in the new develop-
ment, says Paula Rhodes, executive vice president
for Norstar/Primerica Multifamily Development
Group, which developed Venetian Walk in part-
nership with the Venice Housing Authority.
The rst phase of construction includes 25
public housing apartments and 36 units for resi-
dents earning up to 60 percent of the area me-
dian income. The developers are applying for
funding for another 52 afordable apartments,
including another 25 units of public housing.
Theres a huge demand for afordable seniors
housing, says Rhodes. More than half of the peo-
ple living in the city are over 65, according to the
2010 census, and the median household income
is $46,646.
It cost about $12.8 million to build the 61
apartments in the rst phase, almost all of which
was paid for with $12.5 million in equity from the
sale of low-income housing tax credits. The rest of
Venetian Walks funding came from Community
Development Block Grant money provided by the
city and county and a soft loan of capital funds
from the housing authority.
FLORIDA 13TH CONGRESSIONAL DISTRICT
69
NAHB local one-year
jobs estimate
61
Number of units
$12.8 million
Total development cost
$12.5 million
Total LIHTC investment
Income targeting: 36 units for
residents earning 60 percent
of the area median income;
25 public housing units
BY THE NUMBERS
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 15
16 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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MIXED-INCOME PROJECT
MEETS GROWING NEED
N
onprot developer Community Devel-
op ment Inc. (CDI) celebrated the open-
ing of its latest low-income housing tax
credit (LIHTC) family development in
Rexburg, Idaho, at the end of October.
The city, with a population of more than
27,000, is located in eastern Idaho. Its popula-
tion increased substantially after Ricks College, a
junior college owned and operated by The Church
of Jesus Christ of Latter-day Saints, transitioned
to Brigham Young UniversityIdaho, a four-year
institution, in 2001.
The demand for housing in Rexburg is signi-
cant, says Bill Truax, chief development ofcer for
Caldwell, Idahobased CDI. The city has both af-
fordable and market-rate needs, and thats what
we tried to accomplish at Rockwell Court.
The majority of the 51 units are reserved for
residents earning between 40 percent and 55 per-
cent of the area median income (AMI); however,
ve units are market rate. Truax says CDI keeps
its market-rate rents at a reasonable cost, adding
that just because an individual may not qualify for
a unit at 55 percent of the AMI doesnt mean he or
she doesnt need an afordable housing solution.
The project includes three- and four-bedroom
townhomes with some ats. A community build-
ing houses a life skills center, where residents can
learn job training and budgeting skills, as well as a
tness facility. The developer also ofers support-
ive services to its residents by partnering with area
nonprot social service providers.
The city of Rexburg was integral to the project.
The developer met early on with city leaders, who
directed CDI to the site of a failed condo deal that
was a potential liability because of its unnished
construction. Most of the infrastructure improve-
ments had been done before the deal went belly-
up. The site worked for CDI, and the development
team was able to use a signicant portion of the
infrastructure that had been put in place.
CDI hopes to do another development in
Rexburg. At press time, it was waiting to hear
whether the project would receive a LIHTC res-
ervation from the Idaho Housing and Finance
Association.
62
NAHB local one-year
jobs estimate
51
Number of units
$9 million
Total development cost
$7 million
Total LIHTC investment

Income targeting: 3 units for
residents earning 40 percent
of the area median income;
2 units at 45 percent AMI;
21 units at 50 percent AMI;
19 units at 55 percent AMI;
5 market-rate units; and 1
managers unit
BY THE NUMBERS
IDAHO 2ND CONGRESSIONAL DISTRICT
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18 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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REHABBED RURAL
PROPERTY PROVIDES
STABILITY, COMFORT
G
abrielle Olney has a safe place to live,
thanks to her home in the Orchard
Place Manor Apartments in the rural
town of Owosso, Mich.
There are places to rent all over, but a lot re-
quire stable employment. When youre on Social
Security, youre not even close to that stable
amount per month, she says.
Olney was born with serious cardiovascular
issues, which worsened after she graduated from
the University of MichiganFlint in 2011. Orchard
Place provides her with a stable place to live and
work on writing projects.
Orchard Place should continue to provide af-
fordable housing to seniors and disabled people
like Olney for years to come, after a top-to-bottom
renovation, paid for with low-income housing tax
credits (LIHTCs).
The apartments will get new roofs, new sid-
ing, and even new exterior stone nishes. And the
property will operate more efciently, thanks to
new insulation, boilers, and LED lighting in the
common areas, and new, efcient appliances and
water xtures that will also help residents save on
their utilities.
We are very happy to have this in our commu-
nity, says Danny Miller, township supervisor for
Owosso, a small town of about 15,700 residents
between the cities of Flint and Lansing in central
Michigan. This is a nice-looking place.
Locally based Werth Development origi-
nally built Orchard Place in 1993 under the U.S.
Department of Agriculture Rural Developments
Sec. 515 program. For the $4.2 million renovation,
Werth relied on $2.6 million in equity from the
sale of federal LIHTCs.
The apartments are reserved for seniors and
people with disabilities earning up to 60 percent of
the area median income. Rents start at $395 for a
one-bedroom. Thirty-four of the 44 apartments re-
ceive rental assistance from Rural Developments
Sec. 521 program, which pays the rent for residents
after they contribute 30 percent of their own in-
come. Most of these low incomes are based on
Social Security payments that range from $11,000
to $12,000 a year on the high end.
50
NAHB local one-year
jobs estimate
44
Number of units
$4.2 million
Total development cost
$2.6 million
Total LIHTC investment
Income targeting: 43 units for
residents earning 60 percent
of the area median income,
including 34 rental assistance
units; and 1 managers unit
BY THE NUMBERS
MICHIGAN 4TH CONGRESSIONAL DISTRICT
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 19
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22 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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SUSTAINABILITY
STRATEGIES SHINE AT
SOLSTICE
H
omeword, a nonprot based in Mis-
soula, Mont., keeps an eye on the future
when building its afordable housing
developments. The developer strives to
create lasting properties by focusing on the build-
ing envelope and other sustainable features.
The intention is for the buildings to go as far
and as long as they can if they are maintained ap-
propriately, says Heather McMilin, Homewords
housing development director.
One of the reasons behind this strategy is that
the developer wont have to rehab or resyndicate
the low-income housing tax credit (LIHTC) prop-
erties at year 15 and that available funds can be
used to preserve much older properties. Another
reason is the direct impact a sustainable building
has on its residents in terms of utility savings and
health benets.
Solstice in Missoula is just one of the rms re-
cent examples of sustainable and afordable hous-
ing. The LEED Gold project, which opened in late
2011, combines 34 units of afordable workforce
housing with commercial ofce space on a site that
had contained a large parking lot and an old bowl-
ing alley next to a key intersection in the city.
The property is the rst mixed-use develop-
ment in the state to receive a graywater permit,
which helps to irrigate the green space between
Solstice and sister project Equinox. It also has
low-ow water xtures, efcient irrigation sys-
tems, and rain gardens that treat stormwater and
recharge the Missoula Aquifer.
We focused on how you can do a dense ur-
ban project, reclaim water, and not just pump it
back into the sewer septic system, says McMilin.
We couldnt have done it without the low-income
housing tax credit and our state housing program.
The $8.2 million housing development was
nanced with $3.5 million in LIHTCs and $2.9
million in Tax Credit Exchange Program funds
through the American Recovery and Reinvestment
Act. The project also received state and city HOME
funds and a city Community Development Block
Grant. The commercial space, which features a
mix of nonprot and for-prot organizations, uti-
lized New Markets Tax Credits.
41
NAHB local one-year
jobs estimate
34
Number of units
$8.2 million
Total development cost
$3.5 million
Total LIHTC investment
Income targeting: 4 units for
residents earning 40 percent
of the area median income;
21 units at 50 percent AMI;
and 9 units at 60 percent AMI
BY THE NUMBERS
MONTANA AT-LARGE CONGRESSIONAL DISTRICT
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 23
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NEW JERSEY VETERANS
RECEIVE NEW HOMES
AND SERVICES
O
n Sept. 20 of this year, Bill Ehrie moved
into his new home.
Ehrie, a Marine Corps veteran of
the Vietnam War, is the rst resident
at Valley Brook Village, a new supportive housing
community in Lyons, N.J., for veterans at risk of
homelessness.
By the end of the month, all 62 of Valley
Brooks apartments had been leased, and another
20 veterans looking for a place to live had put their
names on the waiting list.
Valley Brook Village is truly a place to call
home, says Julia Ahmet, vice president of devel-
opment for Parsippany, N.J.based Community
Hope, which will operate the new community.
Community Hope partnered with private
developers Peabody Properties and Windover
Construction to develop the projects one- and
two-bedroom apartments.
Valley Brook Village stands on 16 acres on the
leafy, 297-acre campus of the Veterans Afairs
New Jersey Health Care System. Veterans Afairs
(VA) donated the land to the project as a 75-year
ground lease. After that, the buildings and land
will revert back to the VA. Community Hope al-
ready manages 95 beds for homeless veterans on
the campus.
Vets at Valley Brook receive health and counsel-
ing services through nonprot Afordable Housing
& Services Collaborative. Theres also on-site voca-
tional training and a job placement program.
The veterans contribute a share of their in-
come to rentoften Social Security payments.
The rest of their rental costs are paid for by the
federal Veterans Afairs Supportive Housing
(VASH) program.
The new buildings are designed to win LEED
Silver certication.
It cost $15.5 million to develop Valley Brook
Village$9 million of which came from the sale of
low-income housing tax credits. The VA provided
$4 million in capital funds, and Somerset County
contributed $100,000 in HOME funds.
Valley Brook Village will be the subject of a
documentary short lm by Charlotte, N.C.based
Susie Films.
NEW JERSEY 7TH CONGRESSIONAL DISTRICT
70
NAHB local one-year
jobs estimate
62
Number of units
$15.5 million
Total development cost
$9 million
Total LIHTC investment
Income targeting: 61 units for
residents earning 50 percent
of the area median income
(rental subsidy provided by
the federal Veterans Affairs
Supportive Housing program);
1 live-in responders unit
BY THE NUMBERS
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 25
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NEW AFFORDABLE
HOUSING IN HISTORIC
DOWNTOWN ITHACA
B
y the end of this year, 50 new aford-
able apartments will open in the heart
of Ithaca, N.Y.
Weve gone out of our way to create
a building thats an asset, says Paul Mazzarella,
executive director of Ithaca Neighborhood
Housing Services, which developed Breckenridge
Place in partnership with Rochester, N.Y.based
PathStone Corp.
Breckenridge Place has been carefully de-
signed to t into Ithacas historic downtown, with
old-fashioned details like a cornice along the top
of the building and bands of marble and concrete
weaving between the brickwork of the faade. A
band of granite at the base should help protect the
building from the snow and salt of winter.
The building, designed to LEED Platinum spec-
ications, is meant to save residents energy while
providing them a healthy place to live. Tenants
also benet from being close to the economic life
and services of downtown. The building is a few
blocks from the hub of a bus network that spreads
throughout rural Tompkins County.
Breckenridge Place is the rst new afordable
housing property built in Ithacas central business
district in more than 40 years, says Mazzarella.
Indeed, Ithacas downtown business asso-
ciation gave the project its formal endorsement.
Breckenridge also had a high level of support from
Ithacas mayor and city council, which provided
$1 million in nancing to the development.
More than half of Breckenridges $15 million
development cost came from $8 million in eq-
uity from the sale of federal low-income housing
tax credits (LIHTCs). The project also received
$2 million in equity from New York state LIHTCs,
along with a long list of other funding sources.
To build the six- story elevator building, the de-
velopers had to drive more than 200 50-foot piles
underground to help support the structure.
Residents range from those earning a fraction
of the area median income to people whose in-
comes are just slightly below the average for the
area. Four apartments are reserved for formerly
homeless people, and another four are reserved
for people with developmental disabilities.
61
NAHB local one-year
jobs estimate
50
Number of units
$15.0 million
Total development cost
$8.0 million
Total LIHTC investment
Income targeting: 31 units for
residents earning 30 percent
of the area median income;
11 units at 60 percent AMI;
8 units at 90 percent AMI
BY THE NUMBERS
NEW YORK 23RD CONGRESSIONAL DISTRICT
AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK 27
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SENIORS HOUSING KEEPS
COMMUNITY INTACT
N
orthwest Housing Alternatives (NHA)
seized an opportunity during the eco-
nomic downturn to create afordable
seniors housing in a New Urbanist
community in the Orenco Station neighborhood
of Hillsboro, Ore.
When the market crashed, the nonprot hous-
ing developer acquired the site at a reasonable
price after the master developer decided it had
too much land, allowing NHA to implement some
needed afordability in a market where rents have
been on the rise. Many seniors who have lived in
the area for years with family and support systems
nearby are now at risk of getting priced out by ris-
ing rents and home prices, according to Jodi Enos,
housing developer at NHA.
Alma Gardens, which held its grand opening
in mid-October, seeks to keep those communities
and families intact with its 45 apartments for in-
dependent seniors 55 and older who earn less than
60 percent of the area median income.
It is an opportunity for the seniors who have
been part of the Hillsboro community [to remain
in the area] as they age and downsize, says Martha
McLennan, NHAs executive director.
The smoke-free development, which was -
nanced primarily with low-income housing tax
credits, HOME funds, and a permanent loan, has
been built to Earth Advantage Platinum stan-
dards with a focus on helping residents save mon-
ey on their utility bills. A solar-preheated boiler in
the building provides free hot water to each apart-
ment, and each unit contains a master electrical
switch that the resident can turn of when going
out or at night to eliminate of-line power usage
of cable boxes, televisions, and other appliances.
The transit-oriented location is a plus for the
residents, who are only 200 yards from the light-
rail platform, which provides access to downtown
Hillsboro and connects to Beaverton and Portland.
Alma Gardens also pays tribute to the agricul-
tural and cultural history of Hillsboro, which has
been home to a signicant Hungarian population
since 1906 when a large group of immigrants be-
gan working for the Oregon Nursery Co., Orenco
Stations namesake.
51
NAHB local one-year
jobs estimate
45
Number of units
$9.3 million
Total development cost
$7.6 million
Total LIHTC investment
Income targeting: 8 units
for residents earning 30
percent of the area median
income; 5 units at 50 percent
AMI; 31 units at 60 percent
AMI; and 1 managers unit
BY THE NUMBERS
OREGON 1ST CONGRESSIONAL DISTRICT
*As of December 31, 2012
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credit approval and are offered by PNC Bank, NA, a wholly owned subsidiary of PNC. Investment banking and capital markets activities are conducted by PNC through its
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30 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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PERMANENT HOUSING
FOR DISABLED, HOMELESS
I
n Columbus, Ohio, there are fewer chronically
homeless living on the streets and fewer people
living in relatively expensive nursing and group
homes, thanks to a new development by National
Church Residences (NCR), one of the nations larg-
est nonprot afordable housing developers.
The Commons at Third features 100 studio
apartments: 60 for people who have been chroni-
cally homeless and have a disability and 40 for
disabled individuals coming from nursing- and
group-home settings.
Michelle Norris, NCRs senior vice president of
development and public policy, says the project has
been signicant for those coming from the streets
who havent had permanent housing for years,
as well as for disabled residents who had been in
institutional settings because they had nowhere
else to go. All of the units receive project-based
voucher assistance payments from the Columbus
Metropolitan Authority, so residents pay no more
than 30 percent of their incomes on rent.
It is the developers fth permanent supportive
housing development in Columbus. In that rst
project 10 years ago, Norris says, the developer of-
fered only case management. Since then, its ser-
vices package has evolved to include job training,
home health care, and nursing care, as well. The
Commons at Third ofers a nurse practitioner.
Over the summer, NCR created an initia-
tive across the portfolio to drive job training and
placement: 100 jobs in 100 days. The nonprot
achieved that goal, with 38 residents from The
Commons at Third nding employment.
The $11 million development, which opened
in July 2012, was nanced primarily with low-
income housing tax credits (LIHTCs). It also
received funding from the city of Columbus,
Franklin County, the Afordable Housing Trust
for Columbus and Franklin County, and the Ohio
Housing Finance Agency.
In addition to its supportive housing develop-
ments, NCR specializes in seniors housing and the
preservation of older afordable housing proper-
ties. Its been amazing how many transformative
things weve been able to do with the LIHTC as
the base tool, adds Norris.
113
NAHB local one-year
jobs estimate
100
Number of units
$11 million
Total development cost
$7 million
Total LIHTC investment
Income targeting: 15 units
for residents earning 35
percent of the area median
income; 45 units at 50
percent AMI; and 40 units
at 60 percent AMI
BY THE NUMBERS
OHIO 15TH CONGRESSIONAL DISTRICT
RAISE THE
ROOF

32 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK

J
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T
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O
SHARED SERVICES
AT MARY TAYLOR
HOUSE
T
o get a healthy, hot mealat an aford-
able pricethe residents at Mary Taylor
House can just cross an enclosed pedestri-
an bridge between their building and The
Hickman, the seniors property across the street.
Mary Taylors seniors, ages 62 and up, can also
visit the nurse on duty at The Hickman and even
attend social events.
The goal was to create a connected com-
munity, says Jacob Fisher, development of-
cer for afordable housing developer Pennrose
Properties, which developed Mary Taylor House
in partnership with The Hickman Friends Senior
PENNSYLVANIA 6TH CONGRESSIONAL DISTRICT
34 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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68
NAHB local one-year
jobs estimate
60
Number of units
$12.7 million
Total development cost
$10.4 million
Total LIHTC investment
Income targeting: 6 units
for residents earning 20
percent of the area median
income; 25 units at 50 per-
cent AMI; and 29 units at 60
percent AMI
BY THE NUMBERS
Community of West Chester (Pa.), a nonprot,
Quaker-sponsored community thats been in op-
eration since 1891.
Mary Taylor House is a new community for
low-income seniors living independently in
the heart of West Chester. As these seniors age,
they ll be able to take advantage of the more
intensive services ofered at neighboring prop-
erty Hickmans assisted-living units. That means
they ll probably be able to keep living in their
apartments for longer without having to move
out into more expensive nursing homes.
The examination and wellness room at Mary
Taylor House is stafed twice a month by a regis-
tered nurse from the Hickman staf who provides
basic health assessments.
Residents at Mary Taylor House can also buy
meals at a reasonable rate from the Hickman
dining room, seven days per week, three meals
per day.
The new community at Mary Taylor ex-
ceeds the green building standards set by the
Pennsylvania Housing Finance Agency and
earned LEED Gold certication from the U.S.
Green Building Council.
The building is just three blocks from Gay
Street, the heart of the cultural and commer-
cial district in West Chester. The town is the
county seat of Chester, the wealthiest county in
Pennsylvania.
The market was really ripe for an afordable
seniors property, says Fisher.
The statistics support that claim: In the area
around The Hickman, the number of low-income
senior households grew by 68 percent, or more
than 1,000 households, between 2000 and 2007.
Within three months after the rst residents
moved into Mary Taylor House, the property was
fully renteda rapid lease-up rate for a seniors
community.
PENNSYLVANIA 6TH CONGRESSIONAL DISTRICT
Historic Rehab 174 Units
$44 Million
Construction Loan
Kelly Cullen Community
San Francisco, California
Tenderloin Neighborhood
Development Corp.
Citi. Your Community Development Partner.
citicommunitycapital.com
At Citi Community Capital we use responsible lending
practices, empowering developers and communities to
build vibrant neighborhoods.
That's why we are especially proud of our collaboration with
Tenderloin Neighborhood Development Corp. (TN DC), developer
of Kelly Cullen Community, the winner in the Historic Rehab
Category of the Affordable Housing Finance 2013 Readers'
Choice Awards.
"This jewel of a property is a living embodiment of the linkage
between homelessness and health, which is unachievable without
the solid foundation of a quality property backed by committed,
reliable financing. Citi's financial participation was a critical
component in making this monumental project possible," says
TNDC Executive Director Donald Falk.
And because Citi is the# 1 affordable housing lender as ranked by
Affordable Housing Finance, we have the talent and nationwide
platform to support your goals.
fr
2013 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc.
36 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
P
H
O
T
O
S
:

N
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K
R
A
U
S
S
NEW
DEVELOPMENT
HOUSES REFUGEES,
HOMELESS
YOUTHS
T
he rst phase of Bud Bailey Apartments
in Salt Lake City is providing new begin-
nings for many of its residents. Refugees
from war-torn countries, formerly home-
less families, low-income households, and for-
merly homeless youths are being served by The
Housing Authority of the County of Salt Lakes
latest project, named for the agencys late former
chairman of the board of commissioners. The
popular development opened in August and was
fully leased by the end of October.
Elizabeth Bioteau, resident services manager
for the housing authority, shares what a fresh start
UTAH 4TH CONGRESSIONAL DISTRICT
At Stratford Capital Group we understand that multifamily rental housing, and in
particular, affordable housing represents an entirely unique real estate sector. And
now as new faces, players and more capital enter the marketplace; it is critical
that you work with a partner that is not just a real estate company, but a multifamily
investment specialist. Our proven record of success spans over 15 years and is built
around a disciplined, rigorous approach towards targeting and acquiring multifamily
properties, as well as comprehensive due diligence on the markets and their long
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stratfordcapitalgroup.com
38 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
76
NAHB local one-year
jobs estimate
62
Number of units
$13.5 million
Total development cost
$10.3 million
Total LIHTC investment
Income targeting: 15 units for
residents earning 25 percent
to 39 percent of the area
median income; 37 units at
40 to 45 percent AMI; and 10
units at 50 percent AMI
BY THE NUMBERS
it was for a young woman who had been homeless.
The womans case manager helped her move in on
a Friday, and she went into labor just hours later.
She had an address to write on all of her paper-
work and a beautiful, clean apartment to bring her
healthy newborn son home to, says Bioteau. It
was such a good omen for our building.
The housing authority worked with several
partners to identify the areas housing needs for
the rst phases 62 units. Salt Lake City is a major
resettlement hub for refugees from countries such
as Bhutan, the Democratic Republic of the Congo,
Kuwait, and Somalia. To accommodate large fami-
lies, the agency included three- and four- bedroom
units. The 20 units set aside for the refugee com-
munity also receive project-based vouchers.
The agency also decided to include units for
formerly homeless youths after its board heard a
presentation by the Utah Youth Mentor Project,
which supports youths leaving the foster-care sys-
tem. The 10 units set aside for this population, in
addition to six units for formerly homeless fami-
lies, receive Shelter Plus Care Program vouchers.
We are really proud that we have had such
great involvement with our partners from the be-
ginning and are meeting some clear needs in Salt
Lake County, says Bioteau.
The rst phase, which was nanced primarily
with low-income housing tax credits (LIHTCs),
also has a strong focus on creating a community.
The housing authority added a state-of-the-art
community center, community gardens, a com-
puter lab, and a playground. A services coordina-
tor is on site to support the residents with after-
school programs, tutoring, nancial classes, and
English as a second language classes.
The second phase of Bud Bailey Apartments,
which is also being nanced with LIHTCs, will
create another 74 units for low-income house-
holds and is expected to be completed in July.
UTAH 4TH CONGRESSIONAL DISTRICT
TAX CREDI T EQUI TY
ERI C MCCLELLAND
216-820-4750
ERI C@REDSTONEEQUI TY. COM
TAX EXEMPT BONDS
J AMES SPOUND
212-297-1800
J SPOUND@REDSTONECO. COM
HUD/ FHA LENDI NG
STEVE WESSLER
303-221-2160
SWESSLER@REDSTONECO. COM
RED STONE I S A NATI ONAL MULTI FAMI LY
REAL ESTATE FI NANCE COMPANY PROVI DI NG
I NNOVATI VE FI NANCI AL PRODUCTS
TO THE AFFORDABLE HOUSI NG I NDUSTRY.
WWW. REDSTONECO. COM
I NNOVATI VE THI NKI NG. DONE DEALS.
RECENTLY CLOSED TRANSACTI ONS
$15, 000, 000
TAX-EXEMPT BOND PURCHASE ( LI HTC)
FAMI LY/ NEW CONSTRUCTI ON
SAN MARCOS, TX
$14, 811, 000
HUD 223 ( a) 7 REFI NANCE/ 40 YR.
FAMI LY/ NOTE RATE OF 2. 98%
AVON, CO
$10, 499, 320
4% LI HTC
FAMI LY/ NEW CONSTRUCTI ON & REHABI LI TATI ON
LAFAYETTE, CO
$7, 239, 254
4% LI HTC
FAMI LY/ HI STORI C REHABI LI TATI ON
CHARLOTTE, NC
Complex Deal Structuring
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40 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
K
G
D

A
R
C
H
I
T
E
C
T
U
R
E
ARLINGTON PROJECT
HELPS MEET DIRE NEED
W
hen nonprot developer Arlington
Partnership for Afordable Housing
(APAH) opened the waiting list for
Arlington Mill Residences, it re-
ceived an overwhelming response from hopeful
renters in Arlington, Va.: Approximately 3,000
households applied for the 122 low-income hous-
ing tax credit (LIHTC) units in the Columbia Pike
neighborhood.
Were going to house 122 households at the
end of the day, but there are 2,900 who wont get
a home who had hoped to, says Nina Janopaul,
APAHs president and CEO. That really speaks
to the importance of the LIHTC program and of
what were doing.
The countys newest Columbia Pike revitaliza-
tion plan, adopted in 2012, encourages new hous-
ing investment and development while also seek-
ing to retain more than 6,000 afordable housing
units for households earning 80 percent or less of
the area median income (AMI). Arlington County
has been an integral resource in the creation of
Arlington Mill Residences, which will be an anchor
in the Columbia Pike Special Revitalization District
upon the buildings completion in January.
The county had purchased an old grocery store
and initially planned to create condos or higher-
rent apartments along with a community cen-
ter for low-income households, but the for- prot
developer behind the housing portion of the deal
had nancing problems. After the recession hit, the
county rethought the plan, instead deciding to cre-
ate a community center and afordable housing.
APAH was selected as the afordable hous-
ing developer and received a discounted ground
lease from the county to build the project. The
four- story development will mainly serve families
earning no more than 60 percent of the AMI. In
partnership with the county, the property will also
include a suite of efciency units for people com-
ing out of homelessness.
Its been a great success rethinking how the
community uses its public land, says Janopaul.
And weve made a commitment to keep the
property afordable for the entire 99 years of its
ground lease.
149
NAHB local one-year
jobs estimate
122
Number of units
$32.1 million
Total development cost
$22 million
Total LIHTC investment
Income targeting: 13 units
for residents earning 30
percent of the area median
income; 26 units at 50
percent AMI; and 83 units
at 60 percent AMI
BY THE NUMBERS
VIRGINIA 8TH CONGRESSIONAL DISTRICT
Boston | Los Angeles | Louisville | San Francisco | Dallas | 800.782.7890 | www.bfm.com
Together with our investor and developer
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Sarah Laubinger - 617.488.3230
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Valued Partnerships.
Proven Results.
42 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
D
O
N
A
L
D

R
A
S
K
M
ore than half the apartments had
already leased when the Parkview
Senior Living Community, phase three,
opened Oct. 8 in Racine, Wis.
We had people lined up starting at four in
the morning, says Alf McConnell, principal with
Alf McConnell & Associates, an afordable hous-
ing developer based in Evanston, Ill. In less than
eight months, he expects the afordable indepen-
dent-living property to be fully occupied by se-
niors earning a mix of incomes.
All of the apartments in the developments
latest phase are reserved for low-income seniors.
WISCONSIN 1ST CONGRESSIONAL DISTRICT
DEVELOPMENT
HELPS WISCONSIN
SENIORS
AGE IN PLACE
In the crowded and competitive LIHTC equity market, the voices that
rise above the din are those of satised customers. If we did not
do what we say well do, or stay creative, reliable, and nimble, our
customers would not come back. But they have. To the tune of 2000
LIHTC transactions and $12 billion of LIHTC investments, for over 25
years to the team that is now R4 Capital.
Marc D. Schnitzer, President
646 576 7659 | mschnitzer@R4cap.com
Peter Dion, Executive Vice President
617 502 5943 | pdion@R4cap.com
Jay Segel, Executive Vice President
617 502 5946 | jsegel@R4cap.com
Ronne Thielen, Executive Vice President
714 727 3851 | rthielen@R4cap.com
Paul Connolly, Senior Vice President
646 576 7664 | pconnolly@R4cap.com
www.R4cap.com
44 AFFORDABLE HOUSING FINANCE 2013 LIHTC YEARBOOK
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WISCONSIN 1ST CONGRESSIONAL DISTRICT
82
NAHB local one-year jobs estimate
73
Number of units
$11.9 million
Total development cost
$9.5 million
Total LIHTC investment

Income targeting: 52 units for residents
earning 50 percent of the area median income;
21 units at 60 percent AMI
BY THE NUMBERS The earlier phases include some units
that have no income restrictions.
The new building is part of a cam-
pus of seniors buildings developed by
McConnell. Phase three at the Parkview
stands next to the rst and second
phases, which are also independent-
living buildings, built on a similar plan.
The campus also includes Parkview
Gardens, a licensed assisted-living
building with health services provid-
ed by property managers Fresh Coast
Partners. Together, the mix of indepen-
dent living for seniors ages 55 and up
and assisted living will help residents
stay in the community as they age.
Seniors who need more help as they
get older can move within the campus
to Parkview Gardens without having to
leave behind the social connections they
depend on.
In Wisconsin, the Medicaid system
helps pay the cost of providing services at
assisted-living properties like Parkview
Gardens. That helps the state balance its
budget, because fewer seniors like the
ones at Parkview are forced to move into
much more expensive, fully licensed,
subsidized nursing homes.
To create the seniors campus,
McConnell invested his own resources.
During the nancial crisis, the low-
income housing tax credit (LIHTC)
investors for Parkview Gardens backed
out of the transaction. McConnell con-
tinued with construction anyway, and
he has nearly nished building a second
phase at Parkview Gardens.
The care McConnell takes with his
properties also shows in the quality of
construction at Parkview, one of the
rst afordable developments in the
state to feature real stone on the exte-
rior, according to Bill Boerigter, man-
ager of multihousing for the Wisconsin
Housing and Economic Development
Authority.
He put his heart and soul into these
developments, says Boerigter. He wants
to deliver for his residents.
Community Investments
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ADVERTISER PAGE WEB SITE/E-MAIL
AD INDEX
Aegon 45 www.aegonrealty.com
Bank of America Merrill Lynch 3 www.baml.com/commercialre
Boston Financial Investment Management 41 www.bfm.com
Capital One 31 www.capitalone.com
CBRE 45 www.cbre.com
Citi Community Capital 35 www.citicommunitycapital.com
City Real Estate Advisors 21 www.cityrealestateadvisors.com
Enterprise C3 www.enterprisecommunity.com
Gill Group 33 www.gillgroup.com
Hudson Housing Capital Corporation 5 www.hudsonhousing.com
Jesse H. Neal Awards 47 ---
KeyBank 44 www.key.com/cdl
Metrostudy 20 www.metrostudy.com/contact.php
MFE Concept Community 2013 46 www.mfeconceptcommunity.com
National Equity Fund 12 www.nefnc.org
PNC Real Estate 29 www.pnc.com/realestate
Prudential 17 www.prumortgagecapital.com/affordablehousing
R4 Capital 43 www.r4cap.com
RBC Capital Markets 1 www.rbccm.com/tceg
RedStone 39 www.redstoneco.com
RubinBrown 39 www.rubinbrown.com
Stratford Capital Group 37 www.stratfordcapitalgroup.com
Walker & Dunlop C2 www.walkerdunlop.com
Yardi

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demonstrates integrity in every deal.)
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