SOLARA Affordable Housing Community Wins Tax Credit Excellence Award
18 Jun 2007 - LISC
On June 5th, the Affordable Housing Tax Credit Coalition hosted the 13th Annual Charles L. Edson Tax Credit Excellence Awards Luncheon. The awards are presented to outstanding Low Income Housing Tax Credit developments in several categories. This year Solara, an innovative, 56 unit project from Community Housing Works, in Poway, California, won top honors in the Urban Multifamily Housing category for its forward-thinking green design which increases affordability. The project was designed for maximum energy efficiency and includes hydronic space heating and photo-voltaic panels that produce nearly 100 percent of the project's electricity, significantly reducing tenants' utility costs and making these units even more affordable. The National Equity Fund, Inc. (NEF), a LISC affiliate, provided nearly $11.5 million in tax credit equity to the $16 million project, including $207,990 of Business Tax Credits for the project's Photovoltaic Solar Panel System.
Two other groundbreaking projects financed by NEF, both of which go beyond housing to providing needed services to their resident populations, won honorable mentions at the Edson awards; St. Leo's Residence for Veteran's and the Genesee. St. Leo's, sponsored by Catholic Charities Housing Development Corporation in Chicago, includes 141 Single-Room Occupancy units for chronically homeless veterans earning at or below 50 percent of area median income. It is the first of five national pilot projects initiated under the Homeless Veterans Comprehensive Assistance Act of 2001 and includes an adjacent VA community-based outpatient clinic and resource center. The Genesee, developed by Housing Resource Group, brings 50 new one- and two-bedroom apartments to Seattle's southeast side. Twenty-eight of the apartments will be supported by LIHTCs and target families at 50 percent of the area median or less. The remaining 22 units have HUD 811 funding and will target disabled residents, particularly those with HIV and AIDS, as well as those transitioning from homelessness. This is the first project in the country to successfully combine LIHTCs and 811 funding.
As experienced nonprofit housing developers know, most of the communities we serve have needs that go beyond shelter, such as income assistance or supportive services. Through its syndication of affordable housing tax credits, NEF is finding ways to support low-income housing developments that meet the specific needs of their populations. Congratulations to NEF and the developers of these projects for this well deserved recognition.
> Read more on NEF's website
> Download the press release from the Tax Credit Coalition (PDF,
> Read the Solara project profile on Community Housing Works' website
Article Type: News