Low Income Housing
Market History and
Opportunity
Investment
Strategy
Critical
Housing Needs
LIHTC:
First Ten Years
Category B and C
Properties
Affordability
Sector of the
Housing Market
Consumer Trends
Political Trends
Target Market
Critical Requirements
Active Housing
Finance Agency
Environment |
 |
 |
LIHTC: First Ten Years
For the first 10 years of the LIHTC
program, the focus had been the "creation" of new affordable
housing. Beginning in 2001, "preservation" of affordable housing
became a huge concern for the state agencies entrusted with administering
this program. The state agencies are concerned that they will lose affordable
housing stock due to the expiring use restrictions. Our Castle Homes intends to acquire these "expiring" projects
through a series of Development Companies created in partnership with
our network of developer contacts which will upgrade and convert the
units to condominium status and resell the units to sub-median income
buyers using a combination of buyer assistance programs, including down-payment
and mortgage programs available to the lower income buyer. |
 |
We also intend to pursue other sources of affordable housing units to convert
to homeownership condominiums. These include projects that utilized HUD
financed mortgage guarantees under the 236, 221 (d)(3) and (d)(4) programs.
The HUD projects allowed for a prepayment and release from the low income
use restriction after 20 years and are currently in the "at risk" category
of housing being tracked by HUD and state Housing Finance Agencies ("HFA’s"). |
 |
