Low-Income Housing Tax Credit

BRIDGE Housing Secures $250 Million Affordable Housing Commitment From Morgan Stanley, National Equity Fund

Retrieved on: 
Tuesday, July 19, 2022
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BRIDGE Housing secured a $250M set-aside for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing.

Key Points: 
  • BRIDGE Housing secured a $250M set-aside for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing.
  • BRIDGE, a leading nonprofit developer, owner and manager of affordable housing on the U.S. West Coast, estimates this commitment will leverage up to $1B in additional capital for affordable housing.
  • We are very pleased to provide BRIDGE Housing with critical lending capital to support the continued investment in safe, stable, affordable, and workforce housing, said Matt Reilein, President & CEO of National Equity Fund.
  • National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing.

Former LIHTC Properties Remain Affordable, Freddie Mac Multifamily Research Finds

Retrieved on: 
Monday, July 11, 2022
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Researchers discovered that average rents remained materially lower than market comparables in a sample of 133 former LIHTC properties across seven markets.

Key Points: 
  • Researchers discovered that average rents remained materially lower than market comparables in a sample of 133 former LIHTC properties across seven markets.
  • Former LIHTC properties in Dallas offered rents nearly 27% below market, but rents in Phoenix were just 3% below market.
  • Researchers identified 40,296 multifamily properties in the entire history of the LIHTC program.
  • The remaining 5,321 properties are identified as non-programmatic, or properties that have exited the LIHTC program and are no longer monitored for compliance and are therefore no longer believed to have LIHTC restricted rents.

The Millennia Companies® Adds BJ Everson as Director of Asset Management

Retrieved on: 
Friday, July 8, 2022
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Cleveland, Ohio, July 08, 2022 (GLOBE NEWSWIRE) -- The Millennia Companies (Millennia), a leading multifamily housing development and management firm, is pleased to announce that BJ Everson has been hired as Director of Asset Management at Millennia Housing Management, Ltd.

Key Points: 
  • Cleveland, Ohio, July 08, 2022 (GLOBE NEWSWIRE) -- The Millennia Companies (Millennia), a leading multifamily housing development and management firm, is pleased to announce that BJ Everson has been hired as Director of Asset Management at Millennia Housing Management, Ltd.
  • In this role, Everson will focus on building an asset management platform, creating processes, managing investor relations, and maximizing performance at the asset and portfolio levels.
  • BJ brings vast industry knowledge and expertise to Millennia, says Millennia Chief Executive Officer Frank T. Sinito.
  • The Millennia Companies (Millennia) is a high-performance business enterprise with a strong sense of mission.

America First Multifamily Investors, L.P. Announces 12% Increase in Quarterly Distribution and a Supplemental Distribution

Retrieved on: 
Wednesday, June 15, 2022
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The distribution consists of a regular quarterly distribution of $0.37 per BUC plus a supplemental distribution of $0.20 per BUC.

Key Points: 
  • The distribution consists of a regular quarterly distribution of $0.37 per BUC plus a supplemental distribution of $0.20 per BUC.
  • The increase in the regular quarterly distribution to $0.37 per BUC represents a 12% increase from the previous quarterly distribution of $0.33 per BUC, which was declared in March 2022.
  • The supplemental distribution of $0.20 per BUC reflects a portion of the Partnerships recent gains on the sale of its Vantage investments.
  • The supplemental distribution has been declared in connection, and will be paid together, with the regular quarterly distribution.

FTK and Blue Ridge Atlantic Launch First LIHTC Project Together

Retrieved on: 
Tuesday, June 7, 2022
Commercial Building & Real Estate, Insurance, Construction & Property, Urban Planning, Professional Services, Building Systems, Other Construction & Property, Other Professional Services, Residential Building & Real Estate, BDG, Affordable housing, General contractor, LinkedIn, Paint, Partnership, Rights, Workforce, Multimedia, LIHTC, Pre-construction services, Kirkstall, Acquisition, Professional, Rehabilitation, Park, Twitter, The Right Time, HVAC, General officer, FTK, Instagram, Low-Income Housing Tax Credit, Housing, Interior design, Facebook

The Park at Kirkstall, the first project that Blue Ridge Atlantic has contracted with FTK, is a 240-unit affordable housing community built in 2003.

Key Points: 
  • The Park at Kirkstall, the first project that Blue Ridge Atlantic has contracted with FTK, is a 240-unit affordable housing community built in 2003.
  • View the full release here: https://www.businesswire.com/news/home/20220607006147/en/
    FTK Construction Services is pleased to announce the launch of a new project, The Park at Kirkstall, and client relationship with Blue Ridge Atlantic.
  • FTK CEO, Jim Goodman, was enthusiastic about the opportunity to work with Blue Ridge Atlantic, We are excited to begin this new partnership as well as this new project with the Blue Ridge Atlantic team.
  • Chris Eisenzimmer, President at Blue Ridge Atlantic, added, Blue Ridge Atlantic and the Texas Housing Foundation are thrilled to have FTK on our team for this project.

Esusu and Jonathan Rose Companies Partnership Leads to 95% of Residents Improving Their Credit Scores

Retrieved on: 
Thursday, May 19, 2022
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Esusu and Jonathan Rose Companies launched their partnership over 24 months ago with residents from four Low-Income Housing Tax Credit (LIHTC) properties centered in Harlem, New York, and Stamford, Connecticut.

Key Points: 
  • Esusu and Jonathan Rose Companies launched their partnership over 24 months ago with residents from four Low-Income Housing Tax Credit (LIHTC) properties centered in Harlem, New York, and Stamford, Connecticut.
  • The partnership enabled Jonathan Roses Harlem and Stamford residents to have their rental data reported to the three major credit bureaus (Equifax, Experian, and TransUnion) in order to build credit.
  • Jonathan Rose Companies residents were also able to access Esusus rent relief fund throughout the pandemic enabling dozens of residents to navigate financial shock and stay current with their rental payments.
  • Esusu and Jonathan Rose Companies are both committed to creating equitable communities that unlock opportunity for all, said Samir Goel and Abbey Wemimo, Co-Founders and Co-CEOs of Esusu.

FTK Launches Largest AHF Project to date at $16.9MM

Retrieved on: 
Thursday, May 19, 2022
Commercial Building & Real Estate, Insurance, Construction & Property, Urban Planning, Professional Services, Building Systems, Other Construction & Property, Other Professional Services, Residential Building & Real Estate, 808, Interior, Multimedia, Paint, Pre-construction services, FTK, AHF, Affordable housing, COVID-19, General contractor, Low-Income Housing Tax Credit, General officer, The Right Time, Instagram, LIHTC, James Cross, LinkedIn, CDC, Twitter, Center, Construction, Korea Disease Control and Prevention Agency, Rights, Property management, Facebook

View the full release here: https://www.businesswire.com/news/home/20220519005259/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20220519005259/en/
    FTK Construction Services is pleased to announce the launch of a recently awarded project, Waters at James Crossing, which is the largest Affordable Housing/LIHTC project that AHF and FTK have partnered on to date.
  • FTK and AHF have a long history of many successful LIHTC and Multifamily projects in the past.
  • At a contract value of $16,942,404, Waters at James Crossing is the largest Affordable Housing/LIHTC project that AHF and FTK have partnered on to date.
  • FTK has completed projects in 33 states to date and has delivered over 5,000 Affordable Housing/LIHTC units.

PEOPLES FINANCIAL CORPORATION REPORTS RESULTS FOR THE FIRST QUARTER OF 2022

Retrieved on: 
Wednesday, May 11, 2022
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BILOXI, Miss., May 11, 2022 /PRNewswire/ -- Peoples Financial Corporation (the "Company")(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2022.

Key Points: 
  • BILOXI, Miss., May 11, 2022 /PRNewswire/ -- Peoples Financial Corporation (the "Company")(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2022.
  • Net income for the first quarter of 2022 was $887,000 compared to net income of $4,330,000 for the first quarter of 2021.
  • The earnings per weighted average common share for the first quarter of 2022 were $0.19 compared to earnings per weighted average common share of $0.89 for the first quarter of 2021.
  • Earnings for the first quarter of 2021 included a reduction in the allowance for loan losses of $4,853,000.

America First Multifamily Investors, L.P. Announces First Quarter 2022 Financial Results

Retrieved on: 
Thursday, May 5, 2022
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OMAHA, Neb., May 05, 2022 (GLOBE NEWSWIRE) -- On May 5, 2022, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the Partnership or ATAX) announced its financial results for the three months ended March 31, 2022.

Key Points: 
  • OMAHA, Neb., May 05, 2022 (GLOBE NEWSWIRE) -- On May 5, 2022, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the Partnership or ATAX) announced its financial results for the three months ended March 31, 2022.
  • On April 1, 2022, the Partnership effected the previously announced one-for-three reverse unit split (Reverse Unit Split) of its outstanding Beneficial Unit Certificates (BUCs).
  • The Live 929 Apartments MRB property is 98% occupied as of March 31, 2022, which exceeds pre-COVID occupancy levels.
  • The Partnership will host a Webcast & Earnings Call for Unitholders on Thursday, May 5th at 4:30 p.m. Eastern Time to discuss the Partnerships First Quarter 2022 results.

CPP to Preserve Affordable Housing in Torrington

Retrieved on: 
Thursday, March 24, 2022
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CPP secured tax-exempt bond financing as well as an allocation of LIHTC from the Connecticut Housing Finance Agency (CHFA) in order to finance the acquisition and planned renovations for the property.

Key Points: 
  • CPP secured tax-exempt bond financing as well as an allocation of LIHTC from the Connecticut Housing Finance Agency (CHFA) in order to finance the acquisition and planned renovations for the property.
  • CPP has committed to preserving the propertys affordable housing designation for future decades.
  • Since its founding in 2004, Community Preservation Partners (CPP), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals.
  • With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good.