2019 Housing Tax Credit Awards April 3, 2019 2019 Applicant Summary - - PowerPoint PPT Presentation

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2019 Housing Tax Credit Awards April 3, 2019 2019 Applicant Summary Acquisition/ Rehabilitation New Construction Adaptive Reuse 31 Applicants in (ACQ/REHAB) 21 Cities 27 2 2 14 Counties $22,206,276 Family Older persons 55+ Older

SLIDE 1

2019 Housing Tax Credit Awards

April 3, 2019

SLIDE 2

New Construction 27 Family 22 Adaptive Reuse 2 Older persons 62+ 2

2019 Applicant Summary

31 Applicants in 21 Cities 14 Counties $22,206,276 Requested Acquisition/ Rehabilitation

(”ACQ/REHAB”)

2 Older persons 55+ 7 $8.8 Million Available

SLIDE 3

SLIDE 4

Supportive Housing for Families Set-Aside

$840,000

NO APPLICANTS

SLIDE 5

Nonprofit Set-Aside

$879,154

2 AWARDS

$1,555,742

SLIDE 6

Anderson Greene II

CEDAR RAPIDS

Miller Avenue SW
New Construction
Family
43 Affordable Units

48 Total Units

Set-Aside

Requested: Nonprofit

SLIDE 7

Developers

Woda Cooper

Development, Inc., Columbus, OH

Housing Services

Alliance, King of Prussia, PA Ownership Entity

Anderson Greene II

Limited Partnership $800,663 $18,620 $9,145,244 $190,526 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

ANDERSON GREENE II, CEDAR RAPIDS

SLIDE 8

Merle Hay Apartments

URBANDALE

6301 Douglas

Avenue

New Construction
Family
38 Affordable Units

43 Total Units

Set-Aside

Requested: Nonprofit

SLIDE 9

MERLE HAY APARTMENTS, URBANDALE

Developer

TWG Development, LLC,

Indianapolis, IN

The Dream Catcher, Inc.,

Des Moines, IA Ownership Entity

Merle Apartment

Partners, LP $755,079 $19,871 $8,799,259 $204,634 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 10

1 Award

$809,021

Disaster Relief Set-Aside

$615,408

SLIDE 11

Marshalltown Lofts

MARSHALLTOWN

22 E. State Street
New Construction
Family
45 Affordable Units

50 Total Units

Set-Aside

Requested: Disaster Relief

SLIDE 12

Developer

Flint Hills Holdings

Group, LLC, Lawrence, KS

Landover Corp.,

Lake Barrington, IL Ownership Entity

Marshalltown Lofts,

LLC $809,021 $17,978 $8,591,702 $171,834 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

MARSHALLTOWN LOFTS, MARSHALLTOWN

SLIDE 13

2 Awards

$1,127,756

Preservation Set-Aside

$615,408

SLIDE 14

Spencer Manor

SPENCER

503 E. 19th Street
Acq/Rehab
Older Persons 62+
52 Affordable Units

52 Total Units

Set-Asides

Requested: Preservation, Rural

SLIDE 15

SPENCER MANOR, SPENCER

Developer

Community Housing

Initiatives, Inc., Des Moines, IA Ownership Entity

Spencer Manor,

LLLP $507,104 $9,752 $6,434,975 $123,750 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 16

Cedar River Tower

WATERLOO

106 E. 3rd Street
Acq/Rehab
Older Persons 62
85 Affordable Units

85 Total Units

Set-Aside

Requested: Preservation

SLIDE 17

CEDAR RIVER TOWER, WATERLOO

Developer

NFAHS

Development, LLC, North Bethesda, MD Ownership Entity

Cedar River

Renewal LLC $620,652 $7,302 $10,891,416 $128,134 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 18

1 Award

$813,803

Rural Set-Aside

$615,408

SLIDE 19

The Reserves At Mill Farm II

PELLA

South of 1135 W.

16th Street

New Construction
Family
43 Affordable Units

48 Total Units

Set-Aside

Requested: Rural

SLIDE 20

THE RESERVES AT MILL FARM II, PELLA

Developer

Overland Property

Group, LLC, Salina, KS Ownership Entity

Mill Farm Partners II,

LLC $813,803 $18,926 $8,524,137 $177,586 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 21

6 Awards

$4,363,151

General Pool

$4,485,221

SLIDE 22

The Gardens

f Dubuque

Dubuque

1895 Radford Road
New Construction
Family
45 Affordable Units

50 Total Units

No Set-Aside

Requested

SLIDE 23

THE GARDENS OF DUBUQUE

Developer

Flint Hills Holdings

Group, LLC, Lawrence, KS Ownership Entity

Gardens of

Dubuque, LLC $800,006 $17,778 $8,923,011 $178,460 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 24

Latitude Lofts

GRIMES

551 SE Gateway

Circle

New Construction
Family
45 Affordable Units

50 Total Units

No Set-Aside

Requested

SLIDE 25

LATITUDE LOFTS, GRIMES

Developer

MVAH Development,

LLC, West Chester, OH Ownership Entity

Latitude Lofts LLC

$827,806 $18,396 $9,958,894 $199,178 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 26

Christiansen Meadows

HARLAN

611 Gary Scull Drive
New Construction
Family
36 Affordable Units

40 Total Units

Set-Aside

Requested: Rural

SLIDE 27

CHRISTIANSEN MEADOWS, HARLAN

Developer

Prairie Fire

Development Group, LLC, Ottawa, KS Ownership Entity

Harlan Partners, LLC

$710,833 $19,745 $7,379,709 $184,493 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 28

Alice Place At Norwalk

NORWALK

Marketplace Drive
New Construction
Older Persons 55+
53 Affordable Units

59 Total Units

No Set-Aside

Requested

SLIDE 29

ALICE PLACE AT NORWALK

Developer

Iceberg

Development Group, LLC, Bettendorf, IA

MCC Development
f Iowa, LLC,

Bettendorf, IA Ownership Entity

JNB Senior 2, LP

$839,000 $15,830 $10,338,315 $175,226 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 30

Marion Lofts

MARION

2274 5th Avenue
New Construction
Family
45 Affordable Units

50 Total Units

No Set-Aside

Requested

SLIDE 31

MARION LOFTS, MARION

Developer

TWG Development,

LLC, Indianapolis, IN Ownership Entity

TWG Iowa Apartment

Partners, LP $788,011 $17,511 $9,584,605 $191,692 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 32

Prairie Fire Lofts

RED OAK

308 Corning Street
Adaptive Reuse
Family
22 Affordable Units

25 Total Units

Set-Asides

Requested: Nonprofit, Rural

SLIDE 33

PRAIRIE FIRE LOFTS, RED OAK

Developer

Prairie Fire Development

Group, LLC, Ottawa, KS

Builders Development

Corp., Kansas City, MO Ownership Entity

Red Oak Partners, LLC

$397,495 $18,068 $5,367,266 $214,691 Tax Credits: Tax Credits Per LlHTC Unit: Total Project Costs: Total Project Costs Per Unit:

SLIDE 34

2019 Award Summary

LIHTC Units 552 Percent LIHTC 92%

12 Awards $8,669,473

In Credits Awarded Total Units 600 10 COUNTIES:

Black Hawk, Clay, Dubuque, Linn, Marion, Marshall, Montgomery, Polk, Shelby, Warren

12 CITIES:

Waterloo, Spencer, Dubuque, Cedar Rapids, Pella, Marion, Marshalltown, Red Oak, Grimes, Urbandale, Harlan, Norwalk

SLIDE 35

2019 Award Summary

New Construction 9 393 438 90% 8 1 Adaptive Reuse 1 22 25 88% 1 ACQ/REHAB 2 137 137 100% 2 Projects LIHTC Units Total Units Percent LIHTC Family Older Persons 55+ Older Persons 62+

SLIDE 36

2019 Award Averages

All Awards $8,661,544 $178,350 $722,456 $16,648 46 50 92% New Construction, Adaptive Reuse $8,661,214 $188,832 $754,172 $18,272 42 46 91% ACQ/REHAB $8,663,196 $125,942 $563,878 $8,527 69 69 100%

Total Development Cost (TDC) TDC Per Unit Credit Award Credit Per LIHTC Unit Total LIHTC Unit Total Units % LIHTC Units

EQUITY PRICE: $0.8921

SLIDE 37

DAVE VASKE

LIHTC Manager

Dave.Vaske@iowa.gov | 515.725.4941