Raymond James to Supply $12M in LIHTC Equity
- Apr 21, 2010
Tuscaloosa, Ala.— Raymond James Tax Credit Funds says it will provide nearly $12 million in Low Income Housing Tax Credit (LIHTC) equity for the construction of a multi-family housing development located in Tuscaloosa, Ala.
McKenzie Court Phase II is the second phase of a HUD Hope VI project and will consist of 144 one, two, three and four bedroom units in 27 buildings. Of that total, 133 will be Public Housing units with rental assistance and 11 will be designated for those who earn less than 60 percent of the area median income.
The project is under construction with final completion scheduled for December 2010. When finished, the property will have a community center, computer lab, fitness center and shuffleboard area. Social services provided by the Tuscaloosa Housing Authority will be offered to the residents free of charge.
The project is being developed in partnership with Hollyhand McKenzie Developer LLC whose principal, Doug Hollyhand, has extensive real estate experience, especially with LIHTC developments throughout Alabama, says Raymond James.