Columbia, Md.—Affordable housing finance and investment organization Enterprise Community Investments Inc. wrapped up 2013 with closings on 11 new Low Income Housing Tax Credit (LIHTC)-financed developments and rehabs. Enterprise was able to leverage more than $145 million in LIHTC equity to fund the projects, which are located in an assortment of markets nationwide including two in New York and two in Chicago.
“Enterprise and our partners are closing on a surge of new deals stretching from New York to new Mexico, which demonstrates the breadth of our commitment to addressing the affordable housing crisis at the national level,” says Raoul Moore, senior vice president of syndication at Enterprise. “We will use the momentum in the coming year to continue to partner with strong developer partners and create affordable, safe rental housing across the country.”
Of the 11 developments receiving financing, the largest quantity of tax credit equity will go toward Randolph Houses South in New York City, which will receive $50.3 million in LIHTC financing for a substantial rehabilitation of the existing community. A new development in the Bronx will receive $14.8 million.
Two Chicago projects will also receive a decent amount of LIHTC equity. Park Boulevard Phase IIB, a new development, will receive $24 million and senior affordable housing community, Evergreen Towers One, will receive $7 million for a moderate rehabilitation.
Other communities receiving financing include CHI RD, which includes multiple properties in Columbus Junction, Forest City and Sheldon, Iowa; Crabapple Chase Apartments in Anderson S.C.; Sanderson Village in Gulfport, Miss.; Seton Village in Emmitsburg, Md.; Sunset Hills Apartments in Gallup, N.M.; Village at Garwood in Garwood, N.J.; and Village at Westerly Creek 2 I Aurora, Colo.
The deals for the 11 properties include funding for new construction and rehabilitation of existing properties. Construction and renovations at the communities will meet Enterprise Green Communities Criteria, a framework for green construction for affordable housing that was developed by Enterprise.