Latest news with #TaxCreditEquity
Business Journals
4 days ago
- Business
- Business Journals
Affordable housing solutions in partnership with Citi
The City of St. Louis is making progress in addressing the affordable housing challenges by leveraging key programs and supporting successful projects to create thriving, affordable communities for all its residents. Citi Community Capital, the banking unit through which Citi finances affordable housing and community development projects, financed eight projects in the state of Missouri, including four in St. Louis. The most recent project is Washington Apartments, which is being developed by SDG Housing Partners. Originally constructed in 1902, the building boasts a rich history and unique character. It features a single seven-story mid-rise structure equipped with two elevators for ease of access. While the building's age presents certain challenges, it also offers the opportunity to create modern, desirable living spaces through thoughtful renovations. The complex is situated in a vibrant suburban neighborhood, offering residents convenient access to a variety of amenities. Within walking distance, tenants can enjoy multiple local and fast-serve restaurants, as well as an Aldi grocery store for their shopping needs. Moreover, the property's proximity to Forest Park, a 1,300-acre public park, provides ample recreational opportunities. The location also benefits from being near Barnes-Jewish Hospital and St. Louis Children's Hospital, making it an attractive option for healthcare professionals and families. The project leverages a combination of debt and equity financing with the Industrial Development Authority of the City of St. Louis. The funding sources included a construction loan from Citi, Federal Low Income Tax Credits and Historic Tax Credits (LIHTC) from Raymond James Affordable Housing Investments and Missouri Historic Preservation Tax Credit Equity from EHCP Fund X, LLC. Benefits of this Funding Structure include the following: Reduced Development Costs: The utilization of tax credits significantly reduces the overall cost of the project by attracting private investment. Focus on Affordable Housing: The involvement of LIHTC ensures that the renovated property remains affordable for low-income residents. Preservation of Historic Property: The project utilizes tax credits specifically designed for historic preservation, which helps to maintain the historical integrity of the building. Public-Private Partnership: This funding structure showcases successful collaboration between private financial institutions, government agencies, and tax credit investors to achieve a common goal of affordable housing and community development. All units within the complex are income-restricted at 60% AMI (Area Median Income), ensuring affordability for a significant portion of the population. Furthermore, the property is covered under a project-based Section 8 HAP (Housing Assistance Payments) contract. Affordable housing is a critical issue across the nation and Citi Community Capital continues to collaborate with government agencies, non-profit organizations, and the private sector in order to improve the affordable housing landscape.
Business Wire
05-08-2025
- Business
- Business Wire
NMHC Statement on FHFA Announcement that the LIHTC Cap Will be Raised
WASHINGTON--(BUSINESS WIRE)--NMHC is pleased to hear that the Federal Housing Finance Agency (FHFA) is authorizing each GSE to annually purchase up to $2 billion in Tax Credit Equity, an increase from their current $1 billion limit, for a combined increase of $2 billion. This significant move will improve housing affordability and expand housing opportunities for those most in need. NMHC appreciates the Trump Administration's commitment to lowering housing costs by expanding housing supply. 'This step by FHFA is great news for housing providers seeking to use LIHTC to build and preserve housing, as well as individuals and families searching for affordable housing opportunities,' said NMHC President Sharon Wilson Géno. 'As someone who has spent more than 30 years working in and advocating for the affordable housing community, I have seen firsthand how LIHTC can be one important tool to help us build the housing America needs.' LIHTC is currently the nation's premier affordable housing production and preservation program. The public-private partnerships created through LIHTC leverage federal dollars with private investment to build affordable rental housing and stimulate new economic development in many communities. Since its inception in 1986, the LIHTC program has financed 4 million apartments and served more than 9.28 million households. This announcement builds on additional good news for LIHTC in the recently enacted reconciliation legislation that permanently enhanced LIHTC authority. The LIHTC changes in the new law are projected to result in 1.22 million additional affordable homes being built or preserved over the next decade. Learn more about LIHTC. Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America's housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at 202/974-2300, email the Council at info@ or visit NMHC's website at
