NAHT Ends 2016 with Three Key Closings
National Affordable Housing Trust (NAHT) provides more than $26 million dollars in LIHTC equity investments for the rehabilitation of multifamily rental homes.
Columbus, OH. Tuesday January 31, 2017. Thanks to partnerships with National Church Residences, The NHP Foundation (NHP), and Volunteers of America (VOA), NAHT is pleased to announce the closing of Telfair Arms, Cleme Manor Apartments and Meadow Cliff Apartments.
NAHT closed on Telfair Arms, an affordable rental housing community for seniors in Savannah, Georgia, on Monday October 31, 2016. NAHT provided $5.8 million dollars in Low Income Housing Tax Credit (LIHTC) equity financing to National Church Residences for the rehabilitation of Telfair Arms. Nestled in the Victorian Historic District within the Midtown neighborhood of Savannah, Telfair Arms boasts 52 rental units and a community center. NAHT secured the LIHTC investment under the Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership.
Meadow Cliff Apartments is an affordable housing community for seniors in Oklahoma City, Oklahoma. Meadow Cliff also closed under the Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership. NAHT provided $4.5 million dollars in LIHTC equity financing to Volunteers of America for the rehabilitation of Meadow Cliff. Located in the southwestern corridor of Oklahoma City, Meadow Cliff consists of 12 one-story buildings containing 57 rental units and one community center. The project closed on Thursday December 15, 2016.
The Cornerstone/NAHT Enhanced Preservation Fund 2014-1 Limited Partnership, is an innovative fund developed by NAHT and Cornerstone Real Estate Advisers.
“Closing these properties under the Cornerstone/NAHT Enhanced Preservation fund is a demonstration of how public private partnerships help create thriving communities that offer residents opportunities to live a life of dignity and respect,” stated Marcus Vivona, Director of Acquisition at NAHT. He stated, “We are excited to continue our long-standing relationships with both National Church Residences and Volunteers of America.Telfair Arms and Meadow Cliff will benefit their local communities and the residents for years to come.”
Cleme Manor is a key affordable rental housing community for families in the Fifth Ward in Houston, Texas. NAHT provided $16.4 million dollars in LIHTC equity financing to The NHP Foundation for the significant rehabilitation of Cleme Manor Apartments. Cleme Manor is surrounded by both residential and commercial properties, new Houston schools, parks and the Boys and Girls Club. The community consists of 25 mid-rise buildings and offers 284 rental homes. NAHT secured the LIHTC investment under the BBVA Compass Bank sponsored NHT 33 Tax Credit Fund, Limited Partnership. The project closed on Wednesday November 30, 2016.
Merydith Greene, Senior Acquisition Officer at NAHT had this to say about closing Cleme Manor, “We are proud to partner with The NHP Foundation as they continue to develop projects consistent with their mission to preserve and create sustainable, service-enriched and affordable multifamily housing.
Once the rehabilitation is complete, Cleme Manor will offer low-income individuals and families an opportunity to live in a safe and vibrant community near wonderful schools and parks.”
As the LIHTC syndicator, NAHT will work with Developers and the LIHTC Investors to ensure the projects meet development requirements and are completed on time.
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