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Portfolio Highlights: Low-Income Housing Tax Credits

Portfolio Highlights: Low-Income Housing Tax Credits

Building stronger communities with affordable housing options.

Communities prosper when they focus on what’s best for the people who live there. Since 1987, U.S. Bancorp Community Development Corporation (USBCDC) has been an active direct investor in affordable housing in communities throughout the United States. This includes housing for families, seniors, residents of public housing, those with special needs and Section 8 tenants.

Renaissance at Grand Place St. Louis, Missouri

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Photo credit: Sam Fentress

Photo courtesy of: McCormack Baron Salazar

Renaissance Place at Grand
St. Louis, Missouri

Over the course of multiple phases of financing and development, McCormack Baron Salazar – a leading national for-profit developer of economically integrated urban neighborhoods – revitalized 10 blocks in the St. Louis Midtown area owned by the St. Louis Housing Authority with the help of federal Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC) and Renewable Energy Tax Credit (RETC) financing from USBCDC totaling more than $37 million.

The housing portion of this project was completed in 2008 with the solar and green energy components finished soon afterwards. The transformation of the nearly 40-year-old Blumeyer Public Housing complex into the Renaissance Place at Grand includes 815 mixed-income housing units (515 rental units and 300 for-sale units), supportive service programs for its public housing residents, a dedicated space for St. Louis Housing Authority’s headquarters and solar installations on several buildings and carports that power the site’s public spaces.

Equinox and Solstice-Confluence Missoula, Montana

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Rendering credit: MMW Architects

Equinox and Solstice-Confluence
Missoula, Montana

Homeword, Inc., a Montana-based nonprofit that specializes in affordable housing using sustainable methods, has utilized the tax credit financing resources and expertise of U.S. Bank to expand affordable living options in Missoula.

Equinox is a new 35-unit, $7 million housing development with numerous green and sustainable features that targets households that earn less than half the median income for the area. The building's aim is to give low-income individuals a healthy and affordable place to live and encourage them to decrease energy use. Funding sources included more than $5 million of LIHTC equity from USBCDC, federal HOME and CDBG dollars, and other monies. In 2010, Equinox was one of six first-place finishers in the Charles L. Edson Tax Credit Excellence Awards, which honor outstanding affordable rental housing developments funded with LIHTCs.

More recently, Homeword received the 2011 Innovation Award from the Federal Reserve Bank of St. Louis and NeighborWorks® America for its newest development, the Solstice-Confluence project. Adjacent to Equinox, it features 34 units of affordable housing and commercial space for the organization’s offices. The $12.2 million development was the first in the state to receive a mixed-use grey water system permit and is LEED registered and would be the state’s first commercial/affordable housing mixed-use development to receive LEED Gold certification. U.S. Bank provided a total of more than $4.5 million of LIHTC and NMTC equity and arranged nearly $5 million of other financing, including a construction loan and a first mortgage.

Rio Vista Apartments Los Angeles, California

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Photo courtesy of: Abode Communities

Rio Vista Apartments
Los Angeles, California

Rio Vista Apartments, situated in the Glassell Park neighborhood of Los Angeles, is a joint-use development representing an innovative public-private collaboration between developer Abode Communities and the Los Angeles Unified School District (LAUSD). It is the first development in the County of Los Angeles to co-locate affordable multifamily housing with an Early Education Center on the District’s surplus land, thus maximizing public resources while providing real estate opportunities for affordable housing in an increasingly tight market.

Financing included $12.6 million of LIHTC equity from USBCDC, as well as funding from traditional lenders (including U.S. Bank), LAUSD, the American Recovery & Reinvestment Act, the federal HOME Investment Partnerships program, subordinate lenders and renewable energy tax equity.

The Basics of LIHTCs

LIHTCs help fund affordable rental housing for people facing financial challenges in urban and rural areas. Here’s how they work.

A Dedicated Team

Our experienced professionals are experts in LIHTCs and can help provide the financing and guidance you need.

Equal Housing Lender Equal Housing Lender

U.S. Bank and its representatives do not provide tax or legal advice. Each tax and financial situation is unique. Consult your tax and/or legal advisor for advice and information concerning a particular situation.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of its affiliates and third parties.

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