NAHT and National Church Residences Close Financing for Indian Lake Villa
Columbus, OH. Wednesday, September 21, 2016. NAHT, in partnership with National Church Residences is pleased to announce the closing of $3.2 million dollars in Low-Income Housing Tax Credit (LIHTC) equity financing for the development of Indian Lake Villa. Indian Lake Villa is an affordable housing community for seniors and people with special needs. Located in Russells Point, Ohio, Indian Lake Villa offers 50 affordable rental units.
NAHT secured the LIHTC investment under the Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership . As the LIHTC syndicator, NAHT will work with National Church Residences and the LIHTC investor to ensure the project meets development requirements and is completed on time. The deal was closed on Friday September 9, 2016.
Marcus Vivona, Director of Acquisitions, worked with National Church Residences on the project and had the following to say, “Indian Lake Villa provides high-quality affordable housing for the Russells Point community. This rehabilitation will allow National Church Residences to continue its mission in Central Ohio for years to come. We are privileged to be a part of this project.”
National Church Residences is the nation’s largest not-for-profit provider of affordable senior housing and services. With over 340 communities in 28 states and Puerto Rico, National Church Residences also provides health care in Ohio and Florida, including the operation of Senior Living Communities and permanent supportive housing for the formerly homeless and disabled.