Let's Build Something Together
Low Income Housing Tax Credit (LIHTC)
The Low Income Housing Tax Credit (LIHTC) is the best financing tool for providing affordable housing. It allows underfunded housing authorities and organizations to stretch their dollars to develop, own, operate, and realize financial returns from their own housing assets.
The Low Income Housing Tax Credit was created in 1986. S.E. Clark & Associates closed its first LIHTC deal two years later in 1988. Over the past thirty years, SEC has pushed the sophistication of the tax credit industry to continue acheiving new heights of affordable housing.
The below developments represent just some of the LIHTC communities SEC has developed with its clients.
CLIENT: Housing Authority of the City of Texarkana, AR
SCOPE AND SCALE: 390 Scattered Site Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $29,500,000
TOTAL CONSTRUCTION COST: $11,000,000 ($28,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2015 – 2018
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CLIENT: Housing Authority of the City of Pine Bluff, AR
SCOPE AND SCALE: 251 Scattered Site Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $20,000,000
TOTAL CONSTRUCTION COST: $9,000,000 ($35,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2014 – 2017
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CLIENT: Rock Island Housing Authority
SCOPE AND SCALE: 141 Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $11,750,000
TOTAL CONSTRUCTION COST: $4,500,000 ($32,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2014 – 2017
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CLIENT: Dumas Housing Authority
SCOPE AND SCALE: 60 Multifamily Acquisition/Rehab
TOTAL DEVELOPMENT COST: $5,800,000
TOTAL CONSTRUCTION COST: $3,300,000 ($55,000/unit)
FUNDING: PBRA; USDA 538 Mortgage; 9% IRS LIHTC; PILOT
YEAR COMPLETED 2011 – 2014
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CLIENT: Rock Island Housing Authority
SCOPE AND SCALE: Section 18 Demo-Dispo; 55 Single Family Units; New Construction
TOTAL DEVELOPMENT COST: $14,112,000
TOTAL CONSTRUCTION COST: $9,150,000 ($166,000/unit)
FUNDING: 9% IRS LIHTC; Illinois LIHTC; FHA 221(d)(4) Mortgage; PILOT
YEAR COMPLETED 2011 – 2014
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Year Complete: 2014
Project Type: Rehabilitation
Units: 72 Multifamily
Cost of Development: $8,238,000
Public Funding: IL Affordable Housing Tax Credits
IRS Funding: LIHTC
HUD Funding: FHA 221(d)(4), RAD PBRA
Client: Christian County Integrated Community Services
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Year Complete: 2013
Project Type: New Construction
Units: 65 Single Family
Cost of Development: $10,869,370
Public Funding: HOME, FAF/BMIR
IRS Funding: LIHTC
HUD Funding: FHA 221(d)(4), Section 8 PBV
Client: Pine Bluff Housing Authority
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Year Complete: 2013
Project Type: New Construction
Units: 57 Single Family
Cost of Development: $9,259,568
Public Funding: HOME, FAF/BMIR
IRS Funding: LIHTC
HUD Funding: FHA 221(d)(4), Section 8 PBV
Client: Ft. Smith Housing Authority
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Year Complete: 2013
Project Type: New Construction
Units: 55 Single Family
Cost of Development: $13,191,000
Public Funding: HOME, CDBG
IRS Funding: LIHTC
HUD Funding: FHA 221(d)(4), Section 8 PBV
Client: Jacksonville Housing Authority
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Year Complete: 2011
Project Type: New Construction
Units: 70 Multifamily
Cost of Development: $11,081,000
Public Funding: Recovery & Reinvestment Act (ARRA)
IRS Funding: LIHTC
HUD Funding: Section 8 PBV, Tax Credit Assistance Program (TCAP)
Client: Rock Island Housing Authority
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Year Complete: 2010
Project Type: New Construction
Units: 67 Single Family Duplex
Cost of Development: $10,811,336
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: Section 8 PBV
Client: Ft. Smith Housing Authority
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Year Complete: 2007
Project Type: New Construction
Units: 50 Single Family Duplex
Cost of Development: $6,511,336
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: Section 8 PBV, Unrestricted Section 8 Reserves, Capital Funds
State Funding: State LIHTC
Client: Ft. Smith Housing Authority
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County Estates - Menard County, IL
Year Complete: 2007
Project Type: New Construction
Units: 68 Single Family & Multifamily
Cost of Development: $12,518,000
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: Section 8 PBV, HOPE IV, Capital Funds, FHLB AHP
State Funding: IL Affordable Housing Trust Fund, IL LIHTC
Client: Menard County Housing Authority
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Year Complete: 2005
Project Type: Rehabilitation
Units: 14
Cost of Development: $720,000
Public Funding: HOME
HUD Funding: FHLB AHP, Shelter Plus Care PBRA, HUD Homeless Housing Fund
State Funding: IL Affordable Housing Trust Fund
Client: DeLaCerda House
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Year Complete: 2002
Project Type: Rehabilitation
Units: 50 Single Family
Cost of Development: $7,200,000
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: FHLB AHP Program, HUD Grant, Fannie Mae
State Funding: IL Affordable Housing Trust Fund
Client: Champaign County Housing Authority