Preserving a LIHTC New Orleans Property
November 2, 2017
We now offer more aggressive and better pricing on our 9% LIHTC Cash forward and immediate transactions (with new 9% LIHTC).
Here’s an example of a recent deal: Cypress Parc in New Orleans is an immediate 9% cash deal — 100 percent LIHTC — that supports the development of affordable housing for disabled residents who receive supportive services. The Seller/Servicer is Bellwether and the sponsor is ADI Housing.
Based on our affordability test, all 62 units qualify as low-income units, with 16 — or 26 percent — qualifying as very low-income. Seven of the 62 units are restricted to 30 percent of area median income (AMI) and 55 percent are restricted to 60 percent of AMI. The seven units at 30 percent of AMI are supported by a 10-year Housing Assistance Payments (HAP) Contract and two of these are HOME units with set rent amounts.
There is roughly a 30 percent affordability gap between these affordable units and market rate units.
Contact your Freddie Mac Representative to learn how we can help your Borrowers get the best LIHTC deal possible.