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Low Income Housing Development

Low Income Housing Development. William A. Price Attorney at Law 630-362-8840 www.growthlaw.com. Many Types of Low Income Developments Exist. Section 8 Single Family Houses “First Responder” extensions to Veteran’s Homes Young Mother’s Apartments, Occupancy by Nonprofit Clients

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Low Income Housing Development

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  1. Low Income Housing Development William A. Price Attorney at Law 630-362-8840 www.growthlaw.com

  2. Many Types of Low Income Developments Exist • Section 8 Single Family Houses • “First Responder” extensions to Veteran’s Homes • Young Mother’s Apartments, Occupancy by Nonprofit Clients • Senior Citizen Multifamily Housing • Volunteer-Built and Worker-Occupied Town Homes (Habitat for Humanity) • Homeless Shelters

  3. Section 8 Houses • Privately Owned Property • Local Housing Agency Has Signup for Eligible Renters • Tenants Pay With Housing Vouchers

  4. “First Responder” Extensions • Example of repurposed properties: less vets every year • Similar to base closings redevelopment • Stable source of new tenants/stable tenants • Lazard Freres has financed

  5. Young Mothers Apartments • Financing: Family that could use tax credit • Family development company • Nonprofit source for clients • Partnership with churches to sponsor tenants/pay for nonprofit staff

  6. Senior Citizen Multifamily Housing • Combine with national nursing home chains • Partner with property management company (e.g. Ross Development)

  7. The Low Income Housing Tax Credit: IRC Section 42 • Projects can be funded with or without tax-exempt bonds: 4% or 9% credit, over 10 years. Vouchers, grants also possible. • Credits and other funding to project from developer-managed limited liability entity (LP, REIT, etc…: Partners get credits and income as pass-through, Developers get capital) • $0/75-$0.95 of investment can be generated for each $1.00 of credits available

  8. Additional Resources • Illinois low income housing agencies:http://www.hud.gov/offices/pih/pha/contacts/states/il.cfm • US Department of Housing and Urban Development: http://www.hud.gov • Low Income Housing Tax Credit: http://www.hud.gov/offices/fheo/lihtcmou.cfm • HUD Grants: $1 billion available, 35 programs: http://www.hud.gov/offices/adm/grants/fundsavail.cfm

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