2012 LIHTC Development that Best Demonstrates Innovative HUD Financing

Winner

Armory Lane Apartments

Developer: Housing Vermont & Addison County Community Land Trust
Owner: Armory Lane Housing Limited Partnership
Location: Vergennes, Vt.

Vergennes Senior Housing

Located in Vergennes, Vt., Armory Lane Apartments is a joint effort between Housing Vermont, a statewide affordable housing developer and tax credit syndicator, and the Addison County Community Trust (ACCT). The goal of this project was to construct a senior housing that would serve wide range of incomes, and have an active relationship with the local agency on aging. The two nonprofits identified that project-based rental assistance would needed in order to reach very low income seniors, and it took several attempts before their Section 202 application was accepted by HUD.

Vergennes Senior Housing 6

Armory Lane Apartments was financed in part by successfully utilizing six different HUD programs, which provided a total of $3.2 million, or just over half of total development costs. In addition to this unique package of HUD programs, the project also utilized $2,751,116 in equity from Low Income Housing Tax Credits. This 3-story, 25,244 square foot building contains 30 one-bedrooms and 5 two-bedroom apartments, and provides 25 affordable homes for seniors of mixed incomes. Eight of these apartments receive HUD rental assistance, which allows residents to pay roughly 30% of their income on rent. The project is also noteworthy for the extensive energy conservation measures that were put into place at the Armory Lane Apartment, with energy analysis showing that the development will use 50% less net energy than a building built only five or ten 10 years ago

Construction of the 3-story, 25,244 square foot building began in May 2011 and was completed in March of the following year. The complex was fully leased within two months, more than double the projected absorption rate.

Honorable Mention

Cottonwood Place

Developer: Eden Housing, Inc.
Owner: Eden Housing, Inc.
Location: Fremont, Ca.

Cottonwood Place

Funded through the HUD 202 Supportive Housing for the Elderly Program and the Low Income Housing Tax Credit Program, 
Cottonwood Place includes 98 new affordable apartments for low income seniors aged 62 and older, with annual incomes that are at or below 40% ‐ 50% of the Alameda County Area Median Income. This Fremont, Calif.-based mixed-use development includes 9,035 sq. ft. of clinic and day center space, and offers medical, social and supportive services to frail seniors. It also includes space for the City of Fremont Senior Services Office that connects Fremont senior residents with community‐based services.

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