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Low-Income Housing Tax Credits News Briefs - April 2011


The Internal Revenue Service (IRS) released its 2011 calendar year resident population estimates, which are used to determine states' low-income housing tax credit (LIHTC) ceilings and tax-exempt private activity bond caps in 2011. According to Notice 2011-15, each state's available LIHTC ceiling in 2011 is equal to the greater of $2.15 multiplied by the state population or $2,465,000; a state's tax-exempt bond volume cap will be the greater of $95 multiplied by the state population or $277,820,000. The notice includes the population estimates for each state, territory and insular area and is available at


Freddie Mac approved Enterprise Community Investment Inc. to originate affordable multifamily loans nationally on its behalf. The loans will support apartment properties with rents that are affordable for individuals whose incomes are at or below 80 percent or 60 percent of the area median income. Targeted loans include mortgages on LIHTC properties; mortgages on properties that receive federal subsidies; and transactions in which Freddie Mac will provide credit enhancement for a mortgage that backs tax-exempt bonds, a trust certificate or other instrument related to tax-exempt bonds. Enterprise joins a handful of lenders already licensed to sell and service targeted affordable housing loans nationwide.


The U.S. Department of Housing and Urban Development (HUD) and the American Planning Association (APA) named Sherwood Village Senior Apartments the recipient of the 2011 HUD Secretary's Opportunity and Empowerment Award. The award is presented annually to a project that demonstrates improved quality of life for low- and moderate-income residents. Community Housing Improvement Systems and Planning Association Inc. (CHISPA) rehabilitated a blighted motel in Salinas, Calif. to create the 124-unit affordable senior community and revitalize the surrounding neighborhood. CHISPA will receive the award on April 11 at APA's National Planning Conference in Boston, Mass.


The National Low Income Housing Coalition (NLIHC) selected Citizens' Housing and Planning Association (CHAPA) to receive its second annual State and Local Organizing Award, which recognizes achievement for organizing activity at the state or local level that furthers NLIHC's mission. CHAPA is a Massachusetts-based NLIHC state partner that successfully campaigned to defeat a ballot initiative to repeal the state's affordable housing law. NLIHC presented the award at its conference in March. For more on CHAPA's campaign to protect Massachusetts' affordable housing law, see the article in the October 2010 Novogradac Journal of Tax Credits.


Centerline Capital Group closed Centerline Corporate Partners XXXVIII LP (CCP 38), a more than $119.2 million multi-investor low-income housing tax credit (LIHTC) fund. Proceeds from the fund will be combined with other project-level sources to produce or preserve more than 1,300 affordable rental units spread among 16 projects in 10 states. Eight institutional investors held limited partnership interests in CCP 38, which is the first Centerline-managed fund of its kind raised since the company completed its restructuring and recapitalization a year ago. The company says that Centerline-sponsored LIHTC funds have raised aggregate equity capital in excess of $10 billion since the LIHTC program's inception.


RBC Capital Markets' tax credit equity group announced the closing of 13 LIHTC equity investments totaling more than $95 million. Upon completion, RBC says, the properties will provide 1,221 affordable housing units in 11 states and the company estimates that its investment activity will create more than 1,000 jobs. The properties are The Crossings at New Rancho in Rancho Cordova, Calif.; Town Park Crossing in Davie, Fla.; Sunrise Park in Lake Wales, Fla.; Vista Grand in Spring Hill, Fla.; Fox View Apartments in Carpentersville, Ill.; Lebanon Pointe Apartments in Lebanon, Ind.; Brookstone Senior Apartments in Louisville, Ky.; Leather Trades Artist Lofts in St. Louis, Mo.; Smith Williams Senior Apartments in Henderson, Nev.; Forest House in New York, N.Y.; Hunter Bay Apartments, in York, S.C.; Greenview Village, in Powell, Tenn.; and Vista Court, in Vancouver, Wash.


Multifamily real estate owner Security Properties Inc. acquired a recently built 276-unit apartment complex in Thornton, Colo. The company reports that The Reserve at Thornton, financed partly by LIHTCs, is its second deal in the Denver area in less than a year. The property's amenities include a swimming pool, fitness center, business center and playground. Security Properties acquired the general partner position and a majority of the economic interests from Trammell Crow Residential.


Mercy Loan Fund provided a $1.3 million construction/bridge loan to the Cesar Chavez Foundation to preserve a 158-unit affordable housing development in Houston, Texas. Zollie Scales Manor is home to 330 low-income residents and 25 percent of its units serve families at or below 50 percent of the area median income (AMI). Mercy Loan Fund, a Mercy Housing subsidiary, has made 425 loans totaling $197 million to date.


The Indiana Housing and Community Development Authority (IHCDA) awarded more than $16 million in LIHTCs to 24 multifamily developments throughout the state. The awards will fund more than 1,200 units and could leverage as much as $130 million in private development capital. IHCDA received a total of 48 applications requesting more than $50 million in LIHTCs and supplementary agency funding for the 2011 round. A list of recipients is available at


Massachusetts Gov. Deval Patrick pledged more than $71 million from various affordable housing programs to support the construction of 31 rental developments in 21 communities and, in the process, create an estimated 2,000 construction jobs. When completed, the projects will create or preserve 1,415 affordable housing units for low- and moderate-income families, and 246 units will be reserved for families earning less than 30 percent of the area median income. Communities that will benefit from the new properties are Barnstable, Berlin, Boston, Cambridge, Chelsea, Easton, Hanover, Hingham, Lawrence, Leominster, Northbridge, Pittsfield, Provincetown, Quincy, Revere, Salem, Springfield, Sudbury, Tyngsborough, Wareham and Worcester.


The Federal Home Loan Bank (FHLB) of Atlanta appointed Kirk R. Malmberg as chief financial officer. He previously served as the bank's chief credit officer and prior to that was the senior vice president of mortgage products. In his new role, Malmberg will continue to manage credit and collateral services, adding the responsibilities of overseeing accounting services, accounting operations and financial modeling. Before joining FHLB Atlanta in 2001, Malmberg worked as a senior vice president for FHLB Chicago and was a portfolio strategist for both Lehman Brothers and Southwest Corporate Federal Credit Union.


Rick Crager is serving as Oregon Housing and Community Services' (OHCS) acting director during the agency's search for a permanent replacement for outgoing director Victor Merced. At the time of this writing, OHCS anticipated selecting a new director in April.


International law firm Nixon Peabody LLP selected Michael Vaccari to lead its public finance practice. Vaccari joined Nixon Peabody in 1999 and was most recently the public finance practice's deputy group leader. With more than 30 years of experience, his practice areas are infrastructure and transportation, student loans and housing. Vaccari recently served on financings for the U.S. Department of Transportation, Edsouth, the Commonwealth of Massachusetts, the Metropolitan Washington Airports Authority, the New York State Housing Finance Agency, and the New York City Housing Development Corporation.


Gina Martinez joined Recap Real Estate Advisors as a vice president in the company's transactions group. Prior to joining Recap, Martinez was executive director of ETC Development Corporation, a Boston, Mass.-based community development corporation. She has also developed multifamily properties for organizations including The Community Builders and Beacon Residential Properties, and financed affordable developments for the city of Boston, the Massachusetts Housing Finance Agency, and John Hancock Realty Advisors.

Journal Category:

Low-Income Housing Tax Credits



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