If you want to see an excellent example of what can be accomplished with tax credits from the Low Income Housing Tax Credit (LIHTC) program, look just south of Delaware to Princess Anne, Maryland, where LIHTCs are being used to renovate and rehabilitate a 60-unit community.
I was proud to work on this project and close the transaction for the new Samuel Chase Apartments, developed by T.M. Associates, Inc. in Rockville, Md. and Green Street Housing, LLC in Salisbury, Md.
This project will create one community from two apartment complexes that sit across the street from one another. Samuel Chase Apartments will feature 21 one-bedroom/one-bath homes and 39 two-bedroom/one-bath homes. Renovations will include new appliances, cabinets, countertops, plumbing and light fixtures, flooring, interior doors, new Energy Star-rated HVAC systems and 31 kW of rooftop solar paneling outside.
Also included in the project: A new 1,686 square foot community building featuring computer stations, a laundry facility and a large multi-purpose community room.
Boston Capital, a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing, invested in this project as part of a portfolio that includes 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartments homes.
They estimate that the rehabilitation of this property will generate $1.8 million in local salary dollars and create approximately 20 jobs in the area.