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continued from page 1 <br />Novogradac Journal of Tax Credits <br />Editorial Board <br />PUBLISHER <br />Michael J. Novogradac, CPA <br />MANAGING EDITOR <br />Alex Ruiz <br />EDITOR <br />Jane Bowar Zastrow <br />TECHNICAL EDITORS <br />Robert S. Thesman, CPA <br />James R. Kroger, CPA <br />Owen P. Gray, CPA <br />Thomas Boccia, CPA <br />Daniel J. Smith, CPA <br />ASSIGNMENT EDITOR <br />Jennifer Dockery <br /> <br />STAFF WRITER <br />Rendering: Courtesy of Sherman Associates <br />Jennifer Hill <br />CONTRIBUTING WRITERS <br />redevelopment was a gargantuan task; its size prevented Sher- <br />Thomas Boccia, CPAForrest Milder <br />man Associates from applying for 9 percent LIHTCs and to reno- <br />Jing Chen, CPALindsay Sutton <br />vate its 1,303 units, the developer would have needed double the <br />Brandi DayAnnette Stevenson, CPA <br />state’s annual 9 percent credit allowance. Riverside also has th <br />Brad Elphick, CPAAmanda Talbot, HCCP <br />G. Tyler Gibbs, CPAJohn M. Tess <br />most units of any property under a single HUD mortgage to date. <br />James R. Kroger, CPAStephen B. Tracy, CPA <br />Peter Lawrence <br />John Leith-Tetrault <br /> <br />any square or round hole,” said Sherman. <br />PRODUCTION <br />Jesse Barredo <br />James Matuszak <br />agency, the city of Minneapolis and others to obtain funding for <br />Novogradac Journal of Tax Credits <br />the $132 million redevelopment. The city awarded 4 percent LI- <br />Information <br />HTCs and TEBs to the property. AEGON USA Realty Advisors <br />LLC (AEGON) provided $29 million in LIHTC equity and AFL- <br />Address all correspondence and <br />editorial submissions to: <br />CIO Housing Investment Trust (HIT) invested in the TEBs, which <br />Alex Ruiz/ 415.356.8088 <br />mortgage. Funding also came from the Minnesota Housing Fi- <br />Address inquiries regarding <br />nance Agency’s (MHFA’s) Economic Development and Housing <br />advertising opportunities to: <br />Emil Bagalso / 415.356.8037 <br />- <br />- <br />Editorial material in this publication is for informational <br />mately $5 million; City of Minneapolis affordable housing trust <br />purposes only and should not be construed otherwise. <br />Advice and interpretation regarding the low-income <br />housing tax credit or any other material covered in this <br />$1.3 million; Metropolitan Council’s Local Housing Incentive Ac- <br />publication can only be obtained from your tax advisor. <br />The remaining capital came from a $3 million deferred developer <br />- <br />ations for the development and $400,000 in energy rebates. <br />© Novogradac & Company LLP <br />“The key for us … was getting HUD involved early in the scope <br />2011 All rights reserved. <br />of the rehab,” said Ken Dayton, executive vice president of Oak <br />ISSN 2152-646X <br />Grove Capital, the HUD mortgage underwriter/lender. <br />Reproduction of this publication in whole or in part in any <br />form without written permission from the publisher is <br />“From the city’s perspective, this project was about enhancing <br />prohibited by law. <br />continued on page 3 <br />COMPANY PROFILE: Public Profile <br /> <br />