Mark Fogarty Author Archives

California has many programs to boost affordable housing. One example is the No Place Like Home (NPLH) program, which helped fund Siskiyou Crossroads’ rural housing project in Yreka, CA.

A giant tulip tree in Queens has inspired The Lirio, a space for the formerly homeless and those affected by the HIV/AIDS crisis.

Gilbane Development Co. has saved nearly $3 million on its Barnaby & 7th project in Washington, DC, using a forward M-TEB instead of a traditional bond structure.

Evergreen Real Estate Group’s Rifle Apartments project in Rifle, CO will be the first family LIHTC development in Rifle in 20 years, addressing the urgent need for affordable housing in the area.

Dominium is targeting New Mexico in a big way. Its latest construction project in the Land of Enchantment will add 216 affordable units to the city of Rio Rancho, and there’s more to come elsewhere in the state.

The adaptive reuse of the historic Daugherty Furniture Company building in Clinton, TN, turning it into 39 units of affordable housing, is reviving one of its original uses, as the upper floors were devoted to housing when the retail property was built in the 1940s.

What happens if a development doesn’t qualify for one of Housing New Mexico’s many regular affordable housing programs?

Dominium, using $79 million of Low Income Housing Tax Credit equity raised through Blackstone, is developing more than 500 affordable family and senior housing units in Phoenix in two separate but neighboring projects.

Virginia residents who want to work for Fairfax County or make their views known on matters pending before the county government now may not have far to go, thanks to a Low Income Housing Tax Credit project being developed by Lincoln Avenue Communities on an underused parking lot at the county Government Center using an innovative “quadruplet” structure.

One way to achieve economies of scale in affordable housing is to acquire two adjacent properties, renovate both and then run them as a single entity. That’s what Affordable Housing and Services Collaborative (AHSC) is doing in Dorchester, MA, a neighborhood of Boston.

There may still be some lingering misperception that the New Markets Tax Credit (NMTC) is not for housing. While the NMTC is primarily used for economic development, there are three cases where it can support affordable housing. One is if the commercial and housing components of a project are segregated into separate legal condominiums. The second is if Low Income Housing Tax Credits are not used in the deal. And the third is if the residential rents do not exceed 80 percent of revenue in the project.

A Honolulu bank building has been turned into affordable housing for very low-income residents with an adaptive reuse funded through Historic Tax Credits (HTC), Low Income Housing Tax Credits (LIHTC) and subsidies from city, county and state sources.