The execution utilized publicly-issued tax exempt bonds
and 4% tax credit equity, provided by PNC Bank, to fund approximately USD 11 million in repairs, renovations and upgrades to the community.
Tax Exempt Bonds
one vacancy (with additional experience in exempt organizations preferred).
Financing for the deal was made possible by R4 Capital Funding, which purchased $16,300,000 in Tax Exempt Bonds
and $8,058,250 in tax credit equity provided by Alliant Capital through their purchase of the Low-Income Housing Tax Credits and HUD's provision of a Mark-to-Market Project Based Section 8 Contract
The Tax Exempt Bonds
Division is part of the Governmental Entities division of the IRS Tax Exempt and Governmental Entities Division.
Ultimately CIGA was given the authority to issue tax exempt bonds
over a two-year period to raise up to $1.5 billion to continue to pay the claims of injured workers.
Investment in tax exempt bonds
will be much less attractive as after-tax yields on taxable investments increase.
For an individual investor to be indifferent between taxable bonds, AMT bonds, and tax exempt bonds
, the expected after-tax returns must be equal.
If, however, a building converted to an 80/20 project or an 80/20 project was developed without tax exempt bonds
, the company would have to fill out applications and apply to qualify for these tax credits.
The city is serving up $35 million in tax exempt bonds
for three retail projects in Downtown Brooklyn and Far Rockaway, Queens.
David Lombino, a spokesman for the city's economic development corporation, said that the program differs from the tax exempt bonds
that the city is typically able to release in that they will be reserved exclusively for commercial real estate projects that cost over $20 million.
According to Brancato, Rockrose has over 800 additional units in the pipeline in the Hudson Yards District that are dependant on reciving tax exempt bonds
. "We are hopeful NYS HFA will allocate the approprite amount of bonds for this, project," he added.
The $90 million dollar project will be financed through developer equity and tax exempt bonds
issued in accordance with the New York State Housing Finance Agency's 80/20 program.