howeenterprise.com
Page #2
Monday, May 11, 2015
New apartments coming along fast affordable rental housing. Federal housing tax credits are awarded to developers of qualified projects. Developers then sell these credits to investors to raise capital (or equity) for their projects, which reduces the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents. Abbington Meadows under construction
Sean Brady, spokesperson for Rea Ventures Group, stated last August that the facility will be Several issues delayed the beginning of the new townhouses and apartments. fully managed by Alpha-Barnes Realty 62-unit Abbngton Meadows apartment complex Management, which he says is the best in the including a water and sewer issue, along with the Eligibility for a housing voucher is determined icy winter and the rainy spring, however, work by the PHA (public housing authority) based industry. has finally began and the structure is coming on the total annual gross income and family along quickly. size and is limited to US citizens and specified According to Alpha-Barnes, the Texas multicategories of non-citizens who have eligible family market changed in the 2000. An owner now incurs substantial expense renovating Abbington Meadows, like the other apartment immigration status. In general, the family's complexes owned and operated by Rea Ventures income may not exceed 50 percent of the apartments and generating traffic. For this reason Group will provide top rate and below market median income for the county or metropolitan a management team must be proficient in rate housing needs. 40 percent of the complex area in which the family chooses to live. By converting traffic to leases, screening residents' will have unrestricted market rate apartments law, a PHA must provide 75 percent of its credit worthiness and ability to pay, and (meaning top-end apartment living). That voucher to applicants whose incomes do not implementing ongoing resident retention means the other 60 percent will be available for exceed 30 percent of the area median income. programs to reduce turnover. As part of their The Housing Choice Voucher Program Section Median income levels are published by HUD service, Alpha-Barnes prepares a detailed 8. and vary by location. marketing plan tailored to each property's location, physical condition and targeted resident The housing choice voucher program is the The apartment complex will also be the first in profile. In addition, their employees are given federal government's major program for assisting Howe to have tax credit housing. extensive training in marketing and closing, very low-income families, the elderly, and the and Alpha-Barnes considers their performance in disabled to afford decent, safe, and sanitary The Home and Low Incoming Tax Credits housing in the private market. Since housing (LIHTC) program, which is based on Section these areas to be a major component in their assistance is provided on behalf of the family or 42 of the Internal Revenue Code, was enacted evaluation. individual, participants are able to find their own by Congress in 1986 to provide the private housing, including single-family homes, market with an incentive to invest in continued on Page #9
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