The city has awarded $3 million in federal Low Income Housing Tax Credits
for 709 units of housing under a second round of funding.
March 2 /PRNewswire/ -- Celesta Corporation (OTC BULLETIN BOARD: CSTA), a newly organized financial services company, specializing in the utilization of Low Income Housing Tax Credits
in creating an asset of affordable single family homes, announces the recent award of over $30,000,000 in qualified Low Income Housing Tax Credits
The transaction is composed of Low Income Housing Tax Credits
PRDG's Via Verde plan consists of both affordable rental and homeownership units and the proposal assumes that the rental units will be funded through a combination of the Housing Development Corporation's (HDC) New Housing Opportunity Program and Low Income Housing Tax Credits
, and that the homeownership units will use HDC's Affordable Co-op Program and New Market Tax Credits.
Concerns include the low-income tenancy of all the properties, which have been allocated low income housing tax credits
(LIHTCs), and the fact that the tax credits, which provide a substantial financial enhancement to ownership, typically expire 10-15 years prior to full amortization of the loans.
5 billion five-year national investment program announced last month by LISC, the nation's largest community development support organization, and NEF, the nation's largest syndicator of federal Low Income Housing Tax Credits
the nation's largest nonprofit syndicator of low income housing tax credits
Housing Finance Authority funded the loan and equity was raised through the sale of low income housing tax credits
NEF is the nation's largest syndicator of federal Low Income Housing Tax Credits
and is an affiliate of the Local Initiatives Support Corp.
The rating affirmations are the result of paydown and ongoing concerns regarding the borrower's ability to meet debt service obligations due to the expiration of their low income housing tax credits
Constructed in 2005 using Low Income Housing Tax Credits
, the property is 100% restricted to tenants earning less than the AMI, with a preference for seniors over 55.
corporation, the $70 million will be made using federally legislated Low Income Housing Tax Credits