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2010 LIHTC Development that Best Demonstrates Innovative HUD Financing

 

Winner

Turnagain Apartments

Location: Fallbrook, Ca.

Newberry Hall ApartmentsCommunity HousingWorks acquired the 36-year old 80-unit affordable housing Turnagain Apartment complex in Fallbrook, California in October 2008, and a substantial "green" rehab using LIHTCs and HUD funding was completed in August 2009. Turnagain's residents established the non-profit Turnagain Arms Community Housing Association and purchased the property as a creative solution to preserving their affordable housing.

Development Team: Community HousingWorks, The John Stewart Co. Architecture, Nasland Engineering and Sun Country Builders.

Honorable Mention

Reino del Cielo

Location: Royal City, Wash.

Reino del CieloReino del Cielo is an affordable housing development in the small rural farming community of Royal City, Washington. The site on which Reino del Cielo is located was previously a 37‐unit farm labor housing development that had been closed by the health department due to excessive mold and asbestos in the units. The Office of Rural and Farmworker Housing provided comprehensive development services, including facilitating the property donation, and was successful in securing low‐income housing tax credits, Washington State Housing Trust Funds, HUD Rural Housing and Economic Development and Community Development Block Grant funds to demolish the dilapidated buildings and construct affordable, energy‐efficient housing for 50 hard‐working families.

Development Team: Grant County Housing Authority, Catholic Charities Housing Services of Yakima and The Office of Rural and Farmworker Housing.

Honorable Mention

Newberry Hall Apartments

Location: Detroit, Mich.

Newberry Hall ApartmentsNewberry Hall Apartments is an historic, substantial rehabilitation project of 28 market-rate residential units in the midtown neighborhood of Detroit, Michigan. The units are primarily one-bedroom/one-bath loft apartments with a handful of studios and two-bedroom units ranging in size from 705 to 1,293 square feet.  Equity was gained through the sale of federal historic credits and the sale of Michigan business credits as state historic and brownfield credits. HUD provided the first mortgage under FHA 221(d)(4) program.

Project Team: Ernest Zachary, Michael Prochaska, Detroit Medical Center, HUD, Detroit Investment Fund and Comerica Bank.

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