Marck 24, 2017 By: Erika Morphy
McLEAN, VA--Or, a story illustrating the essential role soft money is likely to play in the LIHTC world.
McLEAN, VA–Recently, Freddie Mac provided one of the few remaining affordable apartments left in Westchester County, NY with $50.5 million in rehab financing. The deal stands out for two reasons
1) the ownership partnership had $20,000 (yes, that is the right number of zeros) in capital and no capacity to take on additional liabilities; and
2) the property, the 454-unit Buena Vista apartments in Yonkers, NY, was built 42 years ago under a state program that financed low-income housing using tax abatements and low-interest bond funds. There were no low-income housing tax credits (LIHTC), in other words, that could be sold to raise additional equity.....Read More
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