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2010 LIHTC Development that Best Reflects Market Success in Overcoming Significant Obstacles

 

Winner

The Muses Apartments

Developer: LDG Development, Gulf Coast Housing Partnership
Location: New Orleans, La.

The Muses ApartmentsThe Muses Apartments is a remarkable story of how effective partnerships can overcome obstacles at every stage of a development. The parties to this transaction included an out‐of‐town private developer, Kentucky-based LDG Development, and a local non‐profit developer, Gulf Coast Housing Partnership; city hall; the state housing finance agency; two neighborhoods at odds over the development; and a city councilwoman caught between the two neighborhoods, all before bringing new investment and helping to transform a re-emerging Central City New Orleans.

Development Team: LDG Development, Gulf Coast Housing Partnership, Mathes-Brierre and Weber Group, associated architects, and general contractor White-Spunner.

Winner

The Franklin and The Eleanor Apartments

Owner: The Women’s Institute for Housing and Economic Development
Location: Bridgeport, Ct.

The Franklin and The Eleanor ApartmentsThe Franklin and The Eleanor Apartments feature 110 housing units with extensive on-site services for extremely low-income tenants. It took the Women's Institute for Housing & Economic Development, an army of supporters and a small miracle or two to transform the long-vacant Bridgeport, Connecticut Park City Hospital from a hulking neighborhood eyesore into an attractive, functional and high-quality senior and supportive housing complex.

Development Team: The Women’s Institute for Housing and Economic Development, Housing Authority of the City of Bridgeport, Wiles Architects, Viking Construction, DeMarco Management, Alpha Community Services.

Honorable Mention

Christenson RD Portfolio (Phase I)

Developer: Allied Pacific Development (now Vitus Development)
Owner: Stephen Whyte
Location: Palmer and Kodiak, Alaska

Christenson RD Portfolio (Phase I)Christenson RD Portfolio (Phase I), Allied Pacific Development’s first attempt to develop affordable housing in Alaska, began with a competitive 9 percent application in November of 2008 for 2009 LIHTCs, two of the four properties being considered were in foreclosure and the remaining two were at risk of affordability-to-market conversion and the project involved approximately 15 percent of the total units operated in Alaska through the USDA RD Section 515 program. The $19.22 million project, with three properties in Palmer and Kodiak successfully closed in early October and became one of the first 10 TCAP projects in the country to receive a disbursement. In addition, the project accomplished Alaska Housing Finance Corporation’s goal of preserving and rehabilitating almost 15 percent of the entire stock of 854 USDA RD Section 515 units.

Development Team: Allied Pacific Development (now Vitus Development)

Honorable Mention

Rohlff's Manor

Developer: Nonprofit affiliates of Lutheran Care for the Aging
Owner: Nonprofit affiliates of Lutheran Care for the Aging
Location: Napa, Ca.

Rohlff's ManorRohlffs Manor Senior Housing, a 355-unit, multi-level-care senior affordable housing community in Napa, California, was acquired and rehabilitated with low-income housing tax credit financing over several years. Rohlffs Manor had been built as three separate facilities with different regulatory restrictions and financing.  Original financing included a HUD Sec. 202 loan for the 100 units in Phase I built in 1968, a HUD Sec. 236 loan for the 46 units of Phase II built in 1975, and LIHTCs, tax-exempt bonds and state and local loans for Phase III’s 213 units, built in 1992. EAH, with the cooperation of Union Bank, the Housing Authority and the state’s Community Development Department, which approved the assumption of an existing loan on Phase III and modification of its Regulatory Agreement, and, eventually HUD, which approved the assumption of the 202 loan rather than a payoff, were able to close the transaction on March 12, 2009, one day before the deadline.

Development Team: EAH, Union Bank, Housing Authority of the City of Napa, California Municipal Finance Authority, Jones Hall and the state Community Development Department.

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