The Affordable Housing Tax Credit Coalition announces its ninth annual Charles L. Edson Tax Credit Excellence Awards. These awards will be presented to the most outstanding low-income housing tax credit (LIHTC) projects in each of four categories. Each award will be in the amount of $5,000 to be used to bring additional services, facilities, or amenities into the project to benefit tenants. Information describing the Coalition is attached.
Category of Awards
Category I: Project located in a metropolitan area (minimum population of 50,000 or Standard Metropolitan Area-SMA)
Category II: Project located in rural area (maximum population of 50,000)
Category III: "Special Needs" Housing – without regard to project location
Category IV: Senior Housing
Note: If any of the four categories does not produce a winning project, the Coalition
reserves the right to name two winners in one of the other three categories.
Criteria For Awards
Projects will be judged on the following criteria:
- Location of project in particularly difficult areas to develop, such as inner city or remote rural areas.
- Services provided to the tenant in addition to housing, i.e. assisted living services in a seniors project, computer learning centers.
- Any program to encourage greater tenant self-sufficiency such as job training programs.
- Unique design features, special aesthetic features, or unique tenant service facilities such as social rooms, health rooms, dining facilities.
- Extraordinary community-wide support for the establishment of the project.
Projects must have been placed in service on or after January 1, 2002.
Deadline For Application Submission
Seven (7) copies of the completed application must be submitted by close of business on March 28, 2003 to:
Affordable Housing Tax Credit Coalition
401 9th Street, NW o Suite 900
Washington, DC 20004
Attn.: Linda D. Kirk, Executive Director
Nominations
Nominations may be made by state housing credit agencies, governmental bodies, national or local non-profits, or project owners.
Narrative Statement and Other Requirements
Applications should include a narrative statement, no more than five double-spaced pages, setting forth how the projects meets one or more of the criteria set forth in the above announcement.
Applicants must submit the approved Form 8609 for the project and the cost certification submitted to the credit agency. A C of O or certificate of completion will be accepted for those properties that have not received their Form 8609 by the application deadline.
Applicants are encouraged to submit pictures of the project, project plans, local press notices, or any other materials deemed relevant. The Affordable Housing Tax Credit Coalition reserves the right to keep any videotape submissions in its videotape collection and make any such tapes available to public viewing
Judging
The Coalition will create a five-member judging panel from representatives of various sectors of the housing community who will evaluate the applications against the above criteria. Winners of awards will be announced in April, 2003.
Awards Ceremony
The awards will be presented at a Capitol Hill ceremony in May, 2003. The Coalition will invite concerned members of Congress including those from the area in which the project is located, their staff, and members of the housing community to this luncheon, as well as other leaders of the housing community.
For further information, contact Linda D. Kirk at (202) 585-8739.
BACKGROUND OF THE COALITION
Developers, syndicators, non-profits, and others concerned with the low-income housing tax credit founded the Coalition in 1988 with the primary goal of achieving permanent extension of the program. From that time until the credit was permanently extended in 1993, the Coalition worked tirelessly to achieve that end by taking a leading role in coordinating the efforts of many concerned groups and individuals, both on Capitol Hill and throughout the country.
The Coalition is a nonprofit corporation chartered under the laws of the District of Columbia and governed by an elected Board of Directors. It is represented in Washington by Richard S. Goldstein of the law firm of Nixon Peabody LLP, who has taken a leading role in all of the legislation concerning the low-income housing tax credit. The Coalition is made up of the leading LIHTC syndicators and lenders as well as developers, institutional investors, lenders, nonprofits, and allied professionals (accountants, lawyers, etc.).
The Coalition keeps its members informed through the Preserver, a newsletter published monthly, and faxed news releases, as necessary.
COALITION’S CURRENT ROLE
Since the release of the 1996 Budget Reconciliation proposal to sunset the low-income housing tax credit, the Coalition played a major role in the successful effort to remove the sunset provision in order to keep the credit permanent. On an ongoing basis, the Coalition:
- Represents tax credit participants before Congress in seeking needed legislative changes to the program.
- Represents the interests of the tax credit community before groups which effectively have regulatory control over the program, including the Treasury, IRS, FASB, and the National Council of State Housing Agencies.
- Undertakes a major public information campaign to make widely known the success of the tax credit program to house low-income Americans. As a key part of this effort, the Coalition presents the Annual Tax Credit Excellence Awards to honor outstanding communities developed or rehabilitated using the federal low-income housing tax credit program.
- Educates the tax credit community as to the need for the highest ethical and business standards in all aspects of the program; the Coalition has adopted Standards of Professional Responsibility to which all members must adhere. Although the Coalition cannot act as the police for tax credit participants, Coalition members are expected to live up to the highest standards of fair dealing and sensitivity to the concerns of the low-income housing community.
The Charles L. Edson Tax Credit Excellence Awards are presented to the most outstanding tax credit projects selected through a nationwide competition by the Affordable Housing Tax Credit Coalition. Cash awards of $5,000 will be presented to outstanding tax credit projects serving affordable housing needs of people in urban and rural areas, people with special needs, and senior citizens. The awards are to be used to bring additional services, facilities, or amenities into the project to benefit tenants.
The Low-Income Housing Tax Credit
The credit was first enacted in 1986 and was made a permanent part of the tax code in 1993. It has been used to finance more than 1.3 million affordable apartments nationwide. Under the tax credit program, owners agree to develop rental housing with restricted rents for tenants of limited income, giving up rental income in return for a federal tax credit. State housing agencies allocate tax credits to these projects under a competitive ranking and selection process that varies from state to state. Demand for the scarce affordable housing tax credits far exceeds the amounts available. Apartments financed using the tax credit are built to the same standards as market-rate housing. They must be rented for 18 years or more to households earning no more than 60% of the area median income. The average income is often lower—37% of median according to the General Accounting Office. Tenants pay no more than 30% of 60% of the area median income as rent.
Criteria
The judging of projects nominated for the Tax Credit Excellence Awards was based on the following criteria:
- Location of projects in particularly hard-to-develop areas.
- Provision of social services to tenants in addition to housing, such as daycare, access ot healthcare, or assisted living services in seniors projects.
- Efforts to encourage greater tenant self-sufficiency, such as job training programs.
- Unique design features, special aesthetic features, or unique tenant service facilities, such as social rooms, health rooms, and dining facilities.
- Extraordinary community support for the project.
Gregory Brown
National Association of Home Builders
Washington, DC
Richard H. Edson
AHD Capital Advisors, LLC
Bethesda, MD
Colleen M. Fisher
Council for Affordable and Rural Housing
Washington, DC
Thomas A. Kasper
Kasper Mortgage Capital, LLC
Richmond, VA
James Levy
The Newbury Group
Des Moines, IA
Welcome
Jenny Netzer, President, Affordable Housing Tax Credit Coalition
Presentation of Special Recognition Award in Honor of Thomas A. Kasper
Jenny Netzer
Richard S. Goldstein, Counsel, Affordable Housing Tax Credit Coalition
Introduction of the Charles L. Edson Tax Credit Excellence Awards
Thomas A. Kasper, Chair, Charles L. Edson Tax Credit Excellence Awards Committee
Awards Presentation
Seniors Housing
Columbia Colony Senior Residences
Atlanta, GeorgiaHousing for People with Special Needs
Hawley Ridge Apartments
Milwaukee, WisconsinMetropolitan/Urban Housing (Co-Winners)
Canon Barcus Community House
San Francisco, CaliforniaParque Victoria
San Juan, Puerto RicoRural Housing
The Berkshire
Grafton, WisconsinRecognition of Honorable Mention
Certificate Recipients
Closing
Metropolitan/Urban Housing
Parque Victoria
San Juan, Puerto Rico
Parque Victoria is a 102-unit new construction townhouse project located on a 5-acre site south of Avenida Eduardo Conde in the Cantera Peninsula neighborhood of San Juan. Parque Victoria is only minutes from the financial district in Hato Rey, Isla Verde’s tourist zone, government offices and the University of Puerto Rico. Despite this location, the Peninsula is one of the most economically disadvantaged areas with high unemployment and low educational achievement rates. Parque Victoria offers numerous services to its tenants, including vocational training school, health initiative, job search and training programs, and an after school study center. It was developed under the auspices of the Compañia para el Desarrollo Integral de la Peninsula de Cantera and sponsored by its affiliate, Apoyo Empresarial para la Peninsula de Cantera, Inc. Housing Workshop Inc. acted as Development Manager, working with the Enterprise Social Investment Corporation who raised $10.8 million in equity from Citigroup for the project.
Metropolitan/Urban Housing
Canon Barcus Community Housing
San Francisco, California
Canon Barcus Community House provides housing and a network of services for families who were once homeless or in danger of becoming homeless. Named for Reverend William Barcus, an Episcopal priest who helped organize the early 1980s response to homelessness that led to the creation of Episcopal Community Services (ECS), this 48-unit project provides on-site supportive services for residents, a toddler-infant childcare center, after-school programs, an adult skills center, and family literacy programs. The project received tremendous community support from a collection of government, non-profit and business entities as well as individuals. Of particular note is ECS’ capital campaign, which raised $3.4 million dollars for the project. Merritt Community Capital Funds VI and VII share 99.9% ownership as investor Limited Partners. Merritt’s funds are pooled funds that draw a broad spectrum of investors such as Bank of America, Freddie Mac, Fannie Mae, Bank of the West, Wells Fargo, Washington Mutual, and Silicon Valley Bank.
Special Needs Housing
Hawley Ridge Apartments
Milwaukee, Wisconsin
Hawley Ridge Apartments is a unique 58-unit apartment building that was developed by Badger Association of the Blind, Inc. for persons that are totally blind or with substantial visual impairment. Located in Milwaukee, the property is connected to an existing service/administration facility that provides an extensive array of supportive services to Hawley Ridge residents and others in the community. Hawley Ridge devotes a generous 34% of the project to common areas, including a community lounge with a fireplace that accesses the patio, a dining room, laundry rooms on each floor, a computer room, and a dog grooming room for the 10 seeing-eye dogs that reside with their owners. Tax credit equity was provided by equity investor M&I Community Development Corporation in Milwaukee, Wisconsin.
Seniors Housing
Columbia Colony Senior Residences
Atlanta, Georgia
Located in Atlanta, Georgia, the 120-unit Columbia Colony Senior Residences was developed to supply affordable housing to seniors with moderate incomes. The goal of the developer, Columbia Residential, LLC, was not only to meet the housing needs of this population, but also to provide support services such as a part-time social work case manager and an activities facilitator. Columbia Colony’s amenities include a cardiovascular fitness center, weight room, dining/dance room, equipped arts and crafts room, community room, fully equipped library, solarium, card room, computer center, a screening room with stadium seating, beautician shop, doctor’s office, community kitchen, a community laundry room on each floor and a completely furnished hospitality suite for guests. Utilizing tax credits allocated through the Georgia Housing and Finance Authority, equity was raised by Boston Capital Corporation through an investment made by Fleet Bank.
Rural Housing
The Berkshire
Grafton, Wisconsin
The Berkshire is a newly constructed 66-unit independent senior apartment community located in the heart of historic downtown Grafton, Wisconsin, a small community of 10,000 just north of Milwaukee. Located on a formerly blighted site, the Berkshire is now a source of local pride and represents a true success story for the Wisconsin Housing and Economic Authority (WHEDA) and the tax credit community as a whole. Providing numerous amenities for its tenants including heated underground parking, bus transportation, and assistance in coordinating such tasks as cleaning, laundry, bill payment or medical appointments, the project serves as an excellent example of how a community can achieve an aggressive and optimistic vision for downtown redevelopment by strategically partnering with a private developer. Tax credit equity was raised by General Capital Group through an investment from Wachovia Bank.
Special Needs
Williams Prepared Place
Omaha, Nebraska
Hope of Glory Christian Fellowship Ministries, Inc.
Seniors Housing
McCray Court Senior Living
Roanoke, Virginia
Northwest Neighborhood Environmental Organization
Special Needs
Ferguson Renaissance Center
Grand Rapids, Michigan
Dwelling Place of Grand Rapids, Inc.