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, 2003.
Deadline For Application Submission
Seven (7) copies of the completed application must be submitted by close of business on March 26, 2004 to:
Affordable Housing Tax Credit Coalition
401 9th Street, NW • 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, 2004.
Awards Ceremony
The awards will be presented at a Capitol Hill ceremony on May 19, 2004. 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.
James M. Chandler
Virginia Housing Development Authority
Richmond, VA
Richard H. Edson
AHD Capital Advisors, LLC
Bethesda, MD
Thomas A. Kasper
Kasper Mortgage Capital, LLC
Richmond, VA
Ken Reggio
Episcopal Community Services
San Franciso, CA
Antonio Riley
Wisconsin Housing and Economic Development Authority
Madison, WI
Welcome
Jenny Netzer, President, 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
Metropolitan/Urban Housing
Markham Plaza
San Jose, CaliforniaRural Housing
Historic Park Street Senior Homes
Reedsburg, WisconsinSeniors Housing
Foley Senior Residences
Boston, MassachusettSpecial Needs Housing
Lennox Chase Apartments
Raleigh, North Carolina
Recognition of Honorable Mention
Certificate RecipientsMetropolitan/Urban – Laurel House and Rollins Square
Rural Housing – Tsigo Bugeh Village
Seniors Housing – Nisbett-Fairman Residences
Special Needs Housing – Jackson Street
Closing
METROPOLITAN/URBAN
Markham Plaza
San Jose, CA
Markham Plaza is a 305-unit new construction SRO located in San Jose, California where the median single family home price is over $500,000. The project is located on a former eyesore in the center of the San Jose Monterey Corridor Redevelopment area that was once the site of a derelict transmission shop and a go-kart track. Having a new property in the area gave area residents something to shoot for in terms of a higher standard living, and a greater sense of empowerment. Tenants enjoy a computer room with ten work stations, a homework center to accommodate the large number of children in the development, assistance in work/job training, case management services, a wellness program, substance abuse prevention assistance and meal subsidy through the Emergency Housing Consortium. Markham Plaza was developed under the auspices of CORE Development, Inc., with tremendous financial support from the California State Tax Credit Allocation Committee, The City of San Jose Redevelopment Agency and Housing Department, The Federal Home Loan Bank of San Francisco, California Federal Bank, Fannie Mae, PNC Multifamily Real Estate Capital, Citibank and Bank of America Community Development Banking.
RURAL
Historic Park Street Senior Homes
Reedsburg, WI
Historic Park Street Senior Homes is the historic renovation of a community hospital into an attractive three-story 24-unit apartment building in Reedsburg, Wisconsin, a small rural community of 7,800 person. All of the units are set aside for senior households with incomes between 30%-60% of the county’s median income. The numerous services provided to the tenants in addition to housing all encourage self sufficiency: escort services for medical appointments, local trips to the bank, grocery store, nutrition site, chore services, bi-monthly senior’s newsletter, family caregiver support, assistance with the county’s benefit specialist program providing direct representation on issues such as Medicare, Medical Assistance, Social Security, Food Stamps and others. Project developer Progressive Designs was awarded a tax credit allocation from the Wisconsin Housing & Economic Development Authority (WHEDA), partnered with Heartland Properties, and received additional support from the City of Reedsburg and John Deere Financial Services.
SENIORS
Foley Senior Residences
Boston, MA
The Foley Senior Residences is a 98-unit independent and assisted living community that offers the full spectrum of senior living, from independent housing to full assisted living services. The Foley project is a redevelopment of one of two historic buildings on the former campus of the Boston Specialty and Rehabilitation Hospital. The 51-acre site offers residents the peace and quiet of the country, along with all the conveniences of the city. Resources and services available to tenants include a library, computer room, chapel, exercise and activity rooms, salon, cafe, living room, dining room and community gathering room. Numerous guest speakers as well as 24-hour a day staff conduct special events, Utilizing tax credits allocated through the Commonwealth of Massachusetts Department of Housing and Community Development, Trinity Foley Limited Partnership was further assisted with this project via support from MassHousing, the Mattapan Development Corporation (BPHC), City of Boston’s Leading The Way Program, the Federal Home Loan Bank, and the Boston Community Loan Fund, Inc.
SPECIAL NEEDS
Lennox Chase Apartments
Raleigh, NC
Lennox Chase Apartments is Wake County, North Carolina’s first permanent supportive rental housing community for the homeless and very low-income single adults. The 37-unit studio apartment community was developed by non-profit developer Downtown Housing Improvement Corporation (DHIC) and offers supportive services to residents on-site, as well as coordinating follow-up services offered by sponsor agencies. DHIC worked with Wake County Human Services and representatives from referral agencies to plan a community that will help individuals make the successful transition from homelessness, transitional housing programs, drug treatment programs and overcrowded, costly or substandard housing. A full-time social worker, educational workshops, training programs, business center, and community meeting room are some of the services offered at Lennox Chase. Strong support for this project came from equity investor Enterprise Social Investment Corporation, the City of Raleigh, Wake County, Bank of America, the Neighborhood Reinvestment Corporation and the Federal Home Loan Bank of Atlanta.
Rural Housing
Tsigo bugeh Village
San Juan Pueblo, New Mexico
Ohkay Owingeh Housing Authority
Seniors Housing
Nisbett-Fairman Residences
Big Rapids, Michigan
Big Rapids Housing Commission
Special Needs Housing
Jackson Street Village
St. Paul, Minnesota
RS Eden
Metropolitan/Urban
Laurel House
Nashville, TN
Laurel House Apartments GP, Inc.
Metropolitan/Urban
Rollins Square
Boston, Massachusetts
Rollins Square, Inc.