Despite offering a more generous package and extensive affordable housing portfolios in New York and throughout the country, Belveron and LIHC were skipped over for Brooksville and Rockpoint, which offered a lower asking price that the general partners felt would be viewed more favorably by regulators than the $1.
Heidi Burkhart, president of Dane Professional Consulting Group, said Belveron and LIHC both boast affordable housing track records that are difficult to compete with.
The plan will see LIHC Investment Group launching a $14 million-plus upgrade program on the four-building property, which includes apartment renovations, the addition of new roofs and boilers, and necessary masonry and facade repairs.
LIHC and Weston also extended the propertys Section 8 Housing Assistance Payment (HAP) contract, which was set to end in a few years.
Although regulations governing the LIHC
program provide for dual oversight between the IRS and state agencies, the GAO report emphasized the importance of state-agency oversight.
projects present a wide variety of opportunities for lenders and mortgage brokers willing to invest the time needed to understand the program.
Investment Group, Belveron Partners, and Camber Property Group purchased the property for $71M and will spend $36M on upgrades
was introduced in Section 252 of the Tax Reform Act of 1986 as Sec.
Property managers of LIHC
projects should be aware of these procedures.
Other changes to the LIHC
low-income tax credit program included in the Act include:
The manager of a LIHC
property must screen tenants based on their annual income according to one of two income tests: the "20-50" test and the "40-60" test.
Mineola, NY, LIHC
was represented by Sutton & Edward's Neil Creedon.