Using Low-Income Housing Tax Credits to Develop Housing for LGBT - PowerPoint PPT Presentation

Apr 05, 2024 •385 likes •464 views

Using Low-Income Housing Tax Credits to Develop Housing for LGBT Seniors Randall B. Shorr Attorney at Law Cleveland, Ohio rshorr@shorrlaw.com LAVENDER LAW 2019 How a LIHTC LGBT Senior Apartments project begins Limited Partnership LGBT

Using Low-Income Housing Tax Credits to Develop Housing for LGBT Seniors Randall B. Shorr Attorney at Law Cleveland, Ohio rshorr@shorrlaw.com LAVENDER LAW • 2019
How a LIHTC LGBT Senior Apartments project begins Limited Partnership LGBT Senior Apartments LGBT Community Center, Inc. Corporation General Partner Limited Partner 0.01% 99.99% LGBT Community Center, Inc. 501(C)(3) Sole Shareholder 100% p. 2
Tax Credit Investor LGBT Senior Apartments is admitted to the Limited Partnership Partnership LGBT Senior Apartments Tax Credit Investment Co. Corporation General Partner Limited Partner 0.01% 99.99% LGBT Community Center, Inc. 501(C)(3) Various Corporate Investors Sole Shareholder 100% p. 3
Developer as LGBT Senior Apartments Consultant Limited Partnership LGBT Senior Apartments Tax Credit Investment Co. Corporation General Partner Limited Partner 0.01% 99.99% Expert Development LGBT Community Center, Inc. Company 501(C)(3) Sole Shareholder Consultant 100% p. 4
Developer as LGBT Senior Apartments Co-general Partner Limited Partnership LGBT Senior Apartments Tax Credit Investment Co . Corporation General Partner Limited Partner 0.01% 99.99% LGBT Community Center, Inc. Expert Development 501(C)(3) Company Shareholder Shareholder 51% 49% p. 5
PROJECT COSTS Amount % Per Unit Land 200,000 1.9% 5,000 Construction 8,200,000 78.1% 205,000 Prof Fees & Soft Costs 600,000 5.7% 15,000 Developer Fee 800,000 7.6% 20,000 Financing and startup 700,000 6.7% 17,500 Total Project Cost 10,500,000 262,500 p. 6
SOURCES Amount % Per Unit City of Cleveland 600,000 5.7% 15,000 Ohio Hsg Finance Agency 600,000 5.7% 15,000 Cuyahoga County 450,000 4.3% 11,250 Tax Credit Equity 8,700,000 82.9% 217,500 Deferred Fee 150,000 1.4% 3,750 Total Sources 10,500,000 262,500 p. 7

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