2011 LIHTC Development that Best Demonstrates Innovative HUD Financing

Winner

Saint Giles Manor

Developer: BREC Development, LLC
Owner: St. Giles Manor, Inc.
Location: Pinellas Park, Fla.

Saint Giles Manor

The substantial rehab of Saint Giles Manor, a 106-unit HUD 202 project that low-income seniors in Pinellas Park, Florida call home was completed with all elderly tenants remaining in place during a 14-month construction process.  While the 25-year-old project was applying for 9 percent credits in 2007, BREC Development worked with HUD on a 20-year HAP contract extension. The project also coupled HUD 221(d)4 with exchange funds resulting in $12.39 million in LIHTC/TCEP funds, $4.68 million in FHA 221(d)4 funds and $752,000 in property funds. Total development cost per unit was $172,843.

Development Team: BREC Development LLC, GA Studios Architects, First Housing Development Corp., SPM LLC Management Company, Empire Construction and Florida Housing Finance Authority.

Honorable Mention

West 135th Street Apartments

Developer: Jonathan Rose Companies
Owner: Jonathan Rose Companies
Location: New York, N.Y.

West 135th Street Apartments

Harlem’s West 135th Street Apartments, 10 six-story apartment buildings with 198 units in 202,000 square feet, received a $3.6 million dollar PILOT grant from HUD to help achieve a greener, healthier building through water conservation, energy efficiency and improved air quality. It was the first in the nation to use the HUD Green Retrofit Program for Multifamily Housing. The project’s total development cost, including acquisition, was $50.9 million dollars.

Development Team: Jonathan Rose Companies, Dattner Architects, Ettinger Engineering Associates, Phipps Houses, EME Group, Steven Winter Associates, Bright Power and RC Dolner Construction, NYC Housing Development Corporation, Enterprise Community Investment, NYC Department of Housing Preservation and Development, New York State Energy and Research Authority and the Rose Smart Growth Fund.

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