Low-Income Housing Projects Receive AHTCC AwardNews | August 1, 2014
The Affordable Housing Tax Credit Coalition (AHTCC) awarded two Kutak Rock low-income housing projects with its 20th Annual Charles L. Edson Tax Credit Excellence Awards for rural housing and green housing. The awards are given to exceptional Low-Income Housing Tax Credit properties in seven categories.
Beaver Dam Lake Historic Lofts in Beaver Dam, Wisconsin was recognized as the winner of the rural housing category. Kutak Rock assisted the syndicator in structuring the equity financing provided to the project owner. The project received both low-income housing tax credit and federal historic tax credits. The former shoe factory facility was built in 1893 and closed its operation in 2003. The community decided to transform the brick building into an affordable housing community. Completed in 2011, the building includes 34 affordable housing units that are available to households earning 50-60 percent of the area median income.
The Arbor House in Bronx, New York was the winner of the award in the green housing category. Kutak Rock closed the equity investment and advised the syndicator on numerous tax, financing and real estate issues. The $37.7 million affordable housing building was finished in January 2014 and includes 124 units and an array of sustainable features. The project features a state of the art hydroponic greenhouse which provides fresh vegetables to the low-income residents. It has received LEED–Platinum, Energy Star and National Green Building Gold ratings. The building is a feature project for the syndicator’s national marketing campaign.