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The Ohio Housing Finance Agency (OHFA) announced Jan. 11 changes for 2019, including that software for audits will integrate with DevCo Online. The new software will allow OHFA to move toward becoming a paperless department. Owners and managers will also be able to view all of the review reports for properties that they have access to in DevCo. Also, owners and managers will be required to update all tenant and property data in DevCo each month. OHFA will also begin to conduct re-inspections on properties to determine if non-compliance has been corrected after an audit has been completed. Lastly, OHFA will continue to give an original 60-day response period when conducting audits.
Love Funding announced the closing of a $12.7 loan Jan. 11 for the acquisition and rehabilitation of St. Peter Manor in Memphis, Tenn. St. Peter Manor comprises 283 apartments in one 10-story building. Apartments will remain affordable to seniors earning at or below 60 percent of the area median income (AMI). The community was awarded $10 million in 9 percent low-income housing tax credits (LIHTCs) through the Tennessee Housing Development Agency. The loan was secured through the U.S. Department of Housing and Urban Development’s (HUD’s) 223(f) loan insurance program.
The National Trust Community Investment Corporation (NTCIC) announced in late January the recent closing of funding for the rehabilitation of the Hoen Lithograph Building in Baltimore. When construction is complete in 2020, the 1885 Hoen building will become the Center for Neighborhood Innovation. The adaptive reuse of the 85,000-square-foot historic building will involve transforming the building into a community-serving resource for workforce development, education and entrepreneurship. Financing for the $28.3 million revitalization included a variety of state and local grants, more than $4.4 million in federal historic tax credits (HTCs) and $24.3 million in new markets tax credits, $10 million of which was provided by NTCIC.
Callen-Lorde Community Health Center announced in mid-January the planned $18.2 million expansion with a new facility in Brooklyn. Primary Care Development Corporation (PCDC) provided $6 million in debt financing and $8 million in federal new markets tax credits (NMTCs). The 25,000-square-foot clinic will be the first development to be funded through the state Community Health Care Revolving Capital Fund. The $19.5 million fund was created last year through a public-private partnership between the state and PCDC, and will provide $2.5 million to Callen-Lorde. The facility is expected to serve an additional 15,000 patients and create 100 full-time jobs.
The U.S. Court of Federal Claims issued an opinion Jan. 7 ordering a wind energy developer to pay back more than $5.6 million in Internal Revenue Code Section 1603 cash grants. The court sided with a Department of Treasury’s claim that the wind energy developer inappropriately calculated the grant amount for which it should qualify. The federal order is available at www.energytaxcredits.com.