Glenn Petherick Author Archives

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

San Antonio developer Dan Markson expects many positive things if local Mayor Julián Castro becomes the next HUD Secretary, having witnessed the results of his administration’s policies since 2009 in housing, downtown redevelopment, and other areas. City officials who have worked with the mayor feel the same.

For an outright sale, such as in the case of one management company planning to acquire another, the two common valuation methods are the income and market approaches. Under each there are two subsets.

On May 22, U.S. Reps. Pat Tiberi (R-Ohio) and Richard Neal (D-Mass.), of the House Ways and Means Committee, introduced H.R. 4717, a bill that would renew and make permanent a minimum 9% rate for the 70% present value federal low-income housing tax credit. The minimum 9% rate lapsed December 31, 2013.

The investment of a mere $1.25 million in energy and water retrofit improvements at a 91-year-old, 16-story mixed-use building in downtown Pittsburgh, Pa. is already generating substantial savings from reduced utility costs, while providing more comfortable living conditions for the residents.

The National Council of Housing Market Analysts (NCHMA) is undertaking new initiatives as it continues its rebranding campaign to expand the organization’s mission and activities.

State allocating agencies are well along in committing their 2014 low-income housing tax credits and at least one-fifth have awarded at least some of their 2015 credits as well, according to responses to an early May survey by Tax Credit Advisor.

Since the LIHTC program was made permanent in the early 1990s – ancient history for the young professionals in our industry today – a market study has been required for every proposed project receiving an allocation of housing tax credits. The market study provides an opinion on whether the proposed project is feasible, based on an extensive analysis of the characteristics of the property and the market, location, competing properties, and other factors.

The Rainier Beach High School Vikings won the state boys’ basketball championship for the third straight year and extended their winning streak to 34 games. They were ranked eighth in the U.S. and played in a prestigious high school tournament in April in New York City, falling just short in their bid for the national title.

Federal new markets tax credits are helping to finance the construction of a new health clinic in Cleveland, Ohio. The two-story, 30,000-square-foot facility, located in the city’s Central neighborhood, will be owned and operated by Care Alliance, a federally qualified health center that serves the homeless, public housing residents, and other underserved individuals.

Market studies for proposed low-income housing tax credit projects have become more sophisticated and refined in recent years – and more necessary with the ever-growing LIHTC inventory.

The Affordable Housing Tax Credit Coalition recently announced winners of the 20th Annual Charles L. Edson Tax Credit Excellence Awards. The awards recognize outstanding affordable rental housing developments across the nation funded with federal low-income housing tax credits.

Boston Capital finished closing a $193 million national multi-investor fund in late March that has a projected after-tax IRR to investors of 7.25%, said Jeff Goldstein. The company is on the street with a new $150 million national fund (7% IRR) that was 50% specified in properties as of early April.