Glenn Petherick Author Archives

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

When completed next spring, Blue Butterfly Village in the San Pedro section of Los Angeles will be more than just another housing development. Rather, with affordable apartments and supportive services, it will provide a safe and nurturing environment for the special but vulnerable households that will have priority for occupancy: homeless women veterans and their children.

In Worcester, Mass., a former industrial city of 181,000 battered for decades by population and job losses, the federal new markets tax credit is helping to finance the redevelopment of five vacant downtown buildings once used by the local daily newspaper into a new urban education and business center.

The way that Tom Capp and Gorman & Company, Inc. approach the development of multifamily rental housing, historic preservation, and mixed-use real estate projects is to always be on the lookout – for new opportunities, funding sources, and lessons.

Great resident services are good business at Crest Avenue Apartments, in Charleroi, Pa., a community south of Pittsburgh.

The U.S. Departments of Treasury and Housing and Urban Development have established a new partnership designed to stimulate greater use of the Federal Housing Administration’s multifamily risk-share loan program and reduce borrowing costs for developers and owners.

Boston-based WinnCompanies has cut its electric bill for common areas by 25% at Loft 27, a 173-unit apartment building, as the result of efficiency retrofit and solar projects completed in 2012. The apartment development was created from the adaptive re-use of an historic former mill.

Boston Capital planned to launch a new national multi-investor fund in July with a projected after-tax IRR to investors of 6.75%, according to Tom Pereira. The fund is expected to close in October.

In the first 10 years of the federal new markets tax credit (NMTC) program, 8,060 investments totaling $31.1 billion were made in 3,849 businesses and projects throughout the country, according to new data and a companion summary released by the Community Development Financial Institutions (CDFI) Fund.

On August 5, the Community Development Financial Institutions (CDFI) Fund issued a notice of allocation availability (NOAA) to open the federal new markets tax credit program’s twelfth funding round.

Iowa’s state historic tax credit program has been strengthened and made more predictable for developers by legislative changes that took effect July 1, 2014.

In the immediate Washington, D.C. metropolitan area, which has about four million people and high housing costs, local governments are using a variety of approaches to address affordable housing needs even as they differ in their priorities and available resources.

If you ask Jeff Kittle what he likes about being a tax credit developer, he has a quick answer: “It’s a very interesting, complicated business, oftentimes like a puzzle. And I enjoy challenges.”