Petworth Place
WASHINGTON, DC–The Low Income Housing Tax Credit market is in a state of flux right now for reasons we will discuss in a moment. One exception, though, has been The District, where LIHTC deals are still routinely closing — assuming they are viable transactions — will little difficulty.
For that, the market can thank the District's Housing Production Trust Fund, Greysteel Senior Investment Associate Alicia Orkisz tells GlobeSt.com.
It is a renewable fund that receives about $100 million annually outside of federal appropriations. The fund was established in 2002 and is administered by the DC Department of Housing and Community Development. It supports affordable housing transactions by non-profit housing providers, for profit developers focused on this product type and renters wishing to exercise their Tenant Opportunity to Purchase Act. It does this in part by providing gap or soft money to transactions — support that has become essential to many transactions since the election.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
