Stewart Duggan and William Richardson, partners with Brinson Askew Berry’s Public and Affordable Housing Group, successfully closed the City of LaGrange Housing Authority’s first 9 percent low-income-housing-tax-credit (LIHTC) development, which also involved a Rental Assistance Demonstration (RAD) conversion.
The closing of this new development, to be known as Phoenix Landing, represents a major milestone in LaGrange Housing Authority’s goal and mission to become a stand-alone developer and property asset manager of tax-credit and affordable housing properties.
This RAD and LIHTC development is a approximately $14 million project involving the new construction of 70 dwelling units. Each of the newly constructed apartment units will have 100 percent Section 8 participation through HUD’s Housing Choice Voucher Program (“HCV”). U.S. Bank is the principal investor limited partner in this LIHTC development.
Duggan and Richardson provided legal counsel and guidance on this 9 percent LIHTC project from its inception guiding both the public housing agency and its Board of Commissioners throughout the development process.
If you have any questions about affordable or LIHTC housing developments and strategies, please contact Stewart Duggan or William Richardson in the firm’s Public and Affordable Housing Group.