Category: Tax Credits

MHT Regularly Assists with Low Income Housing Tax Credit Projects

Miller, Hall & Triggs, LLC, provides experienced counsel to a number of housing authorities and not-for-profit corporations seeking to develop or redevelop affordable housing through low income housing tax credits throughout Illinois and Arkansas. We regularly work with housing authorities and not-for-profit entities, the Illinois Housing Development Authority, lenders, investors and FHA and HUD to negotiate and close extremely complex housing transactions.

Examples of low income housing tax credit projects we have worked on:

Project Name: Galena Park Terrace, Peoria, Illinois
Galena Park Terrace, an Illinois Not-for-Profit Corporation
Year Completed: 2016
Project Type: Rehabilitation
Units: 127
Units Serving Low-Income:  127
Type of Construction: One bedroom and Studio Apartment Complex
Cost of Development: $20,189,292
IRS Funding: Low-Income Housing Tax Credits
HUD Funding FHA: 221(d)(4) insured mortgage
Financing Structure: Equity – Loans
Current Status: Presently being rehabilitated
Substantially leased while under construction

Project Name: Leisure Acres, East Peoria, Illinois
East Peoria Jaycees Housing Corporation, an Illinois not-for-profit corporation
Year Completed: 2015
Project Type: Rehabilitation
Units: 100
Units Serving Low-Income: 100
Type of Construction: Apartment Complex
Cost of Development: $11,271,000
IRS Funding: Low-Income Housing Tax Credits
HUD Funding:  IRP Subsidy
HUD Funding: Project-Based Rental Assistance (PBRA)
Financing Structure: Equity – Loans
Current Status: Construction complete
Fully leased and pending final closeout

Project Name: Lynden Lane
Rock Island, IL Housing Authority
Year Completed: 2015
Project Type: New Construction (demolition and redevelopment of Public Housing)
Units: 55
Units Serving Low-Income: 43
Type of Construction: Single Family and Duplex
Cost of Development: $14,112,000
Public Funding: Illinois Affordable Housing Tax Credits
IRS Funding: Low-Income Housing Tax Credits
HUD Funding: FHA 221(d)(4) insured mortgage
Financing Structure: Equity – Loans
Current Status: Construction complete
Fully leased and pending final closeout

Project Name: Pana Towers
Christian County Integrated Community Services (Illinois)
Year Completed: 2014
Project Type: Rehabilitation
Units: 72
Units Serving Low-Income: 72
Type of Construction: 8 Story Elevator Apartment Building
Cost of Development: $8,238,000
Public Funding: Illinois Affordable Housing Tax Credits (IAHTC),
FHLB Affordable Housing Program (AHP)
IRS Funding: Low-Income Housing Tax Credits
HUD Funding: FHA 221(d)(4) insured mortgage
HUD Funding: RAD/Project-Based Rental Assistance (PBRA)
Financing Structure: Equity – Loans – Grants
Current Status: Rehab complete
Fully leased and pending final closeout

Project Name: Southern Crossing
Pine Bluff, AR Housing Authority
Year Completed: 2013
Project Type: New Construction – Mixed Income
Units: 65
Units Serving Low-Income: 48
Type of Construction: Single Family
Cost of Development: $10,869,370
Public Funding: HOME, FAF/BMIR
IRS Funding: Low-Income Housing Tax Credits
HUD Funding FHA: 221(d)(4) insured mortgage
HUD Funding:  Section 8 Project Based Vouchers
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized with High Occupancy

Project Name: Clayton Heights
Ft. Smith, AR Housing Authority
Year Completed: 2013
Project Type: New Construction – Mixed Income
Units: 57
Units Serving Low-Income 35
Type of Construction: Single Family
Cost of Development: $9,259,568
Public Funding: HOME, FAF/BMIR
IRS Funding: Low-Income Housing Tax Credits
HUD Funding:  FHA 221(d)(4) insured mortgage
HUD Funding:  Section 8 Project Based Vouchers
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized 100% occupancy

Project Name: The Meadows
Jacksonville, AR Housing Authority
Year Completed: 2013
Project Type: New Construction – Mixed Income
Units: 55
Units Serving Low-Income:  41
Type of Construction: Single Family
Cost of Development: $13,191,000
Public Funding: HOME, CDBG
IRS Funding: Low-Income Housing Tax Credits
HUD Funding: FHA 221(d)(4) insured mortgage
HUD Funding: Section 8 Project Based Vouchers
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized with High Occupancy

Project Name: Cascade Gardens
Rock Island, IL Housing Authority
Year Completed: 2011
Project Type: New Construction
Units: 70
Units Serving Low-Income 70
Type of Construction: Multi-Family Special Needs Apartments
Cost of Development: $13,191,000
Public Funding: American Recovery & Reinvestment Act (ARRA)
IRS Funding: Low-Income Housing Tax Credits
HUD Funding:  Mixed-Finance
HUD Funding:  Section 8 Project Based Vouchers
HUD Funding:  Tax Credit Assistance Program (TCAP)
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized with High Occupancy

Project Name: North Pointe II, Development
Ft. Smith, AR Housing Authority
Year Completed: 2010
Project Type: New Construction
Units: 67
Units Serving Low-Income
Households: 50
Type of Construction: Single-Family – Duplex
Cost of Development: $10,811,336
Public Funding: HOME – CDBG – City of Ft. Smith St. Fund
IRS Funding: Low-Income Housing Tax Credits
HUD Funding: Capital Funds
HUD Funding: Section 8 Project Based Vouchering
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized with High Occupancy

Project Name: North Pointe, Development
Ft. Smith, AR Housing Authority
Year Completed: 2007
Project Type: New Construction
Units: 50
Units Serving Low-Income
Households: 40
Type of Construction: Single-Family – Duplex
Cost of Development: $6,511,336
Public Funding: HOME – CDBG – City of Ft. Smith St. Fund
IRS Funding: Low-Income Housing Tax Credits
HUD Funding: Capital Funds
HUD Funding: Unrestricted Section 8 Reserves
HUD Funding: Section 8 Project Based Vouchering
State Funding: State Low-Income Housing Tax Credits
Financing Structure: Grants – Equity – Loans
Current Status: Stabilized Operation 100% Occupied

Project Name: County Estates
Menard County, Illinois Housing Authority
Ownership Type: Scattered Site Rentals
Project Type: New Construction
Year Completed: 2007
Units: 68 Detached Single-Family and Multi-family Rental Units
Units Serving Low-Income Households: 60
Cost of Development: $12,518,000
Public Funding: HUD HOPE VI Demolition, Capital Funds
Low-Income Housing Tax Credits
State Tax Credits
Illinois Affordable Housing Trust Fund
FHLB AHP Program
Conventional Financing
Project Based Section 8 Vouchering
Financing Structure: Grants and Loans
Under Limited Partnership Ownership
Current Status: Stabilized with High Occupancy

Project Name: Oakwood Trace Townhomes L. P.
Champaign County, Illinois Housing Authority
Ownership Type: Limited Partnership
Project Type: Rehabilitation
Year Completed: 2002
Units: 50
Units Serving Low-Income
Households: 39
Cost of Development: $7,200,000
Public Funding: HOME, CDBG, City Utility funds,
FHLB (AHP) Program, LIHTC,
HUD Upfront Grant, Fannie Mae,
Conventional Bank funding
Financing Structure: Grants and Loans under a Limited
Partnership
Current Status: Stabilized with 98% Occupancy

Click here to read testimonials and recommendations with respect to our work on Low Income Housing Tax Credit Projects, or contact Richard M. Joseph to see how we can help you.