2016 LIHTC Development that Best Demonstrates Financial Innovation

Winner

Randall Lofts

Developer: RealAmerica Development LLC
Owner: Randall Lofts LP
Location: Fort Wayne, Ind.

Randall Lofts, 2016 Developments of Distinction awards winner for LIHTC Development that Best Demonstrates Financial Innovation

The winner of the 2016 LIHTC Development that Best Demonstrates Financial Innovation Award is RealAmerica Development LLC for the development of Randall Lofts in Fort Wayne, Ind. Marchelle Berry, real estate associate at RealAmerica Development LLC, said the original historic building was dilapidated and vacant for more than 30 years. The development team used a creative financial package of LIHTCs, historic tax credits (HTCs) and HUD NSP3 funds to transform the blighted building in mixed-used affordable housing space. Berry says Randall Lofts is completely occupied and has been a catalyst for further revitalization in Fort Wayne.

In addition to state funds, the development team used local sources to finance Randall Lofts. The financing package included $600,000 in gap financing and $141,505 in 10-year property tax abatement from the city of Fort Wayne, more
than $5.8 million in LIHTCs and more than $1.3 million in state HTCs.

“This [development] illustrates the overall importance of soft and subsidy funding needs in order to create a successful and sustainable affordable housing community.” Philip Melton, Bellwether Enterprise Real Estate Capital

Honorable Mention

ANC MV Phase 1

Developer: Alaska Corporation for Affordable Housing (ACAH), V2, Trapline and Cook Inlet Housing Authority
Owner: Alaska Corporation for Affordable Housing
Location: Anchorage, Alaska

ANC MV Phase 1, 2016 Developments of Distinction honorable mention for LIHTC Development that Best Demonstrates Financial Innovation

The honorable mentions for the 2016 LIHTC Property that Best Demonstrates Financial Innovation Award are Alaska Corporation for Affordable Housing (ACAH), V2, Trapline and Cook Inlet Housing Authority for the redevelopment of ANC MV Phase 1 in Anchorage, Alaska. ANC MV Phase 1 consists of two individual properties that provide affordable housing: Susitna Square, an 18-unit complex, and Ridgeline Terrace, which offers 70 units. The development team used several creative financing strategies to fund the properties, including combining multiple sources of funding, such as $20 million in soft funding, 4 percent low income housing tax credits (LIHTCs) and 81 project-based housing vouchers.

“Adapt … and succeed!” said Dixon.

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