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

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 persons 62+ Requested 22 7 2 $8.8 Million Available

Supportive Housing for Families Set-Aside $840,000 NO APPLICANTS

Nonprofit Set-Aside $879,154 2 AWARDS $1,555,742

Anderson Greene II CEDAR RAPIDS • Miller Avenue SW • New Construction • Family • 43 Affordable Units 48 Total Units • Set-Aside Requested: Nonprofit

ANDERSON GREENE II, CEDAR RAPIDS Developers Tax Credits: $800,663 • Woda Cooper Development, Inc., Tax Credits Per LlHTC Unit: Columbus, OH $18,620 • Housing Services Alliance, King of Total Project Costs: $9,145,244 Prussia, PA Total Project Costs Per Unit: Ownership Entity $190,526 • Anderson Greene II Limited Partnership

Merle Hay Apartments URBANDALE • 6301 Douglas Avenue • New Construction • Family • 38 Affordable Units 43 Total Units • Set-Aside Requested: Nonprofit

MERLE HAY APARTMENTS, URBANDALE Developer Tax Credits: $755,079 • TWG Development, LLC, Indianapolis, IN Tax Credits Per LlHTC Unit: • The Dream Catcher, Inc., $19,871 Des Moines, IA Total Project Costs: $8,799,259 Ownership Entity • Merle Apartment Total Project Costs Per Unit: Partners, LP $204,634

Disaster Relief Set-Aside $615,408 1 Award $809,021

Marshalltown Lofts MARSHALLTOWN • 22 E. State Street • New Construction • Family • 45 Affordable Units 50 Total Units • Set-Aside Requested: Disaster Relief

MARSHALLTOWN LOFTS, MARSHALLTOWN Developer Tax Credits: $809,021 • Flint Hills Holdings Group, LLC, Tax Credits Per LlHTC Unit: Lawrence, KS $17,978 • Landover Corp., Lake Barrington, IL Total Project Costs: $8,591,702 Ownership Entity Total Project Costs Per Unit: • Marshalltown Lofts, $171,834 LLC

Preservation Set-Aside $615,408 2 Awards $1,127,756

Spencer Manor SPENCER 503 E. 19 th Street • • Acq/Rehab • Older Persons 62+ • 52 Affordable Units 52 Total Units • Set-Asides Requested: Preservation, Rural

SPENCER MANOR, SPENCER Developer Tax Credits: $507,104 • Community Housing Initiatives, Inc., Des Tax Credits Per LlHTC Unit: Moines, IA $9,752 Ownership Entity Total Project Costs: $6,434,975 • Spencer Manor, LLLP Total Project Costs Per Unit: $123,750

Cedar River Tower WATERLOO 106 E. 3 rd Street • • Acq/Rehab • Older Persons 62 • 85 Affordable Units 85 Total Units • Set-Aside Requested: Preservation

CEDAR RIVER TOWER, WATERLOO Developer Tax Credits: $620,652 • NFAHS Development, LLC, Tax Credits Per LlHTC Unit: North Bethesda, MD $7,302 Ownership Entity Total Project Costs: $10,891,416 • Cedar River Renewal LLC Total Project Costs Per Unit: $128,134

Rural Set-Aside $615,408 1 Award $813,803

The Reserves At Mill Farm II PELLA • South of 1135 W. 16 th Street • New Construction • Family • 43 Affordable Units 48 Total Units • Set-Aside Requested: Rural

THE RESERVES AT MILL FARM II, PELLA Developer Tax Credits: $813,803 • Overland Property Group, LLC, Tax Credits Per LlHTC Unit: Salina, KS $18,926 Total Project Costs: $8,524,137 Ownership Entity • Mill Farm Partners II, Total Project Costs Per Unit: LLC $177,586

General Pool $4,485,221 6 Awards $4,363,151

The Gardens of Dubuque Dubuque • 1895 Radford Road • New Construction • Family • 45 Affordable Units 50 Total Units • No Set-Aside Requested

THE GARDENS OF DUBUQUE Developer Tax Credits: $800,006 • Flint Hills Holdings Group, LLC, Tax Credits Per LlHTC Unit: Lawrence, KS $17,778 Ownership Entity Total Project Costs: $8,923,011 • Gardens of Dubuque, LLC Total Project Costs Per Unit: $178,460

Latitude Lofts GRIMES • 551 SE Gateway Circle • New Construction • Family • 45 Affordable Units 50 Total Units • No Set-Aside Requested

LATITUDE LOFTS, GRIMES Developer Tax Credits: $827,806 • MVAH Development, LLC, West Chester, Tax Credits Per LlHTC Unit: OH $18,396 Total Project Costs: $9,958,894 Ownership Entity • Latitude Lofts LLC Total Project Costs Per Unit: $199,178

Christiansen Meadows HARLAN • 611 Gary Scull Drive • New Construction • Family • 36 Affordable Units 40 Total Units • Set-Aside Requested: Rural

CHRISTIANSEN MEADOWS, HARLAN Developer Tax Credits: $710,833 • Prairie Fire Development Group, Tax Credits Per LlHTC Unit: LLC, Ottawa, KS $19,745 Ownership Entity Total Project Costs: $7,379,709 • Harlan Partners, LLC Total Project Costs Per Unit: $184,493

Alice Place At Norwalk NORWALK • Marketplace Drive • New Construction • Older Persons 55+ • 53 Affordable Units 59 Total Units • No Set-Aside Requested

ALICE PLACE AT NORWALK Developer Tax Credits: $839,000 • Iceberg Development Group, Tax Credits Per LlHTC Unit: LLC, Bettendorf, IA $15,830 • MCC Development of Iowa, LLC, Total Project Costs: $10,338,315 Bettendorf, IA Total Project Costs Per Unit: Ownership Entity $175,226 • JNB Senior 2, LP

Marion Lofts MARION 2274 5 th Avenue • • New Construction • Family • 45 Affordable Units 50 Total Units • No Set-Aside Requested

MARION LOFTS, MARION Developer Tax Credits: $788,011 • TWG Development, LLC, Indianapolis, IN Tax Credits Per LlHTC Unit: $17,511 Ownership Entity • TWG Iowa Apartment Total Project Costs: $9,584,605 Partners, LP Total Project Costs Per Unit: $191,692

Prairie Fire Lofts RED OAK • 308 Corning Street • Adaptive Reuse • Family • 22 Affordable Units 25 Total Units • Set-Asides Requested: Nonprofit, Rural

PRAIRIE FIRE LOFTS, RED OAK Developer Tax Credits: $397,495 • Prairie Fire Development Group, LLC, Ottawa, KS Tax Credits Per LlHTC Unit: • Builders Development $18,068 Corp., Kansas City, MO Total Project Costs: $5,367,266 Ownership Entity • Red Oak Partners, LLC Total Project Costs Per Unit: $214,691

2019 Award Summary 12 Awards LIHTC Units Total Units Percent LIHTC 552 600 92% 10 COUNTIES: $8,669,473 Black Hawk, Clay, Dubuque, Linn, Marion, In Credits Awarded Marshall, Montgomery, Polk, Shelby, Warren 12 CITIES: Waterloo, Spencer, Dubuque, Cedar Rapids, Pella, Marion, Marshalltown, Red Oak, Grimes, Urbandale, Harlan, Norwalk

2019 Award Summary New ACQ/REHAB Adaptive Construction Reuse Projects 9 2 1 LIHTC Units 393 137 22 Total Units 438 137 25 Percent LIHTC 90% 100% 88% Family 8 0 1 Older Persons 55+ 1 0 0 Older Persons 62+ 0 2 0

2019 Award Averages All ACQ/REHAB New Construction, Awards Adaptive Reuse $8,661,544 $8,663,196 $8,661,214 EQUITY PRICE: Total Development Cost (TDC) $178,350 $125,942 $188,832 TDC Per Unit $0.8921 $722,456 $563,878 $754,172 Credit Award $16,648 $8,527 $18,272 Credit Per LIHTC Unit 46 69 42 Total LIHTC Unit 50 69 46 Total Units 92% 100% 91% % LIHTC Units

DAVE VASKE LIHTC Manager Dave.Vaske@iowa.gov | 515.725.4941