The Housing Chronicles Blog: Tax credit market study by MetroIntelligence gets funding!

Wednesday, June 22, 2011

Tax credit market study by MetroIntelligence gets funding!

We just found out today that a market study we produced in support of tax credits for an affordable housing project in Thousand Oaks, CA received over $11.4 million in federal tax credits. Not only that, but the application received the highest score in the Central Coast region as well as one of the highest scores in the state.

We've completed a variety of such tax credit studies over the years throughout the state, and our projects usually get funding even as the requirements for these studies have become stricter. For more information on how we can help you and your affordable housing project, contact us a MetroIntelligence.

From the press release:

On June 22, 2011 the California Tax Credit Allocation Committee (CTAC) awarded Many Mansions $11,405,569 in 9% federal tax credits to assist in the financing of Many Mansions' planned 60 unit Hillcrest Apartments affordable housing complex in Thousand Oaks, California. Many Mansions' application received the highest score in the Central Coast geographic region and one of the highest scores in the State of California. The Hillcrest Apartments project is a $26 million new construction project; consisting of five residential buildings, a community building, picnic areas, a community garden, and a playground. The project is designed with the latest 'green' features and will be certified 'Green Communities'.

The complex will be a mixture of 1, 2, and 3 bedroom units-all units are restricted to low-income households, half to extremely low-income households who are also currently homeless.
The recent Ventura County homeless count in 2011 showed an increase in families with children who were homeless. Many of the units are further designated for individuals who have a disability. Along with the award of tax credits, Many Mansions also received funding and support from many other organizations and agencies. The City of Thousand Oaks Redevelopment Agency provided the initial funds for acquisition of the land and most of the pre-development costs.

Other funding and support came from the
State of California-Housing & Community Development Division, the County of Ventura, the County of Ventura Behavioral Health Department, the Ventura County Continuum of Care, the Federal Home Loan Bank, the Mississippi Valley Life Insurance Company, the federal Department of Housing & Urban Development (HUD), the California Housing Finance Agency, and U.S. Bank. The construction loan will be through U.S. Bank. Construction is set to begin in October, 2011 and will take approximately 14 months.

Once operational, Many Mansions will provide a variety of on-site service programs for the residents-an after-school tutoring program (the Homework Tutoring Club), summer camp (Camp Many Mansions), and other programs for the children; case management, job development, and other programs for the formerly homeless adults and families.

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