Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
Page 21
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
MultiUnitAcquisition-RehabilitationAffordableRentalHousing7Thisx1cguidex1cisx1cintendedx1cforx1cusex1cbyx1ccommunityx1cdevelopmentx1cpractitionersx1cconsideringx1cbecomingx1cdevelopersx1cofx1cmulti-unitx1caffordablex1crentalx1chousingx1cprojects.x1cx1cMulti-unitx1cprojectsx1carex1cbuiltx1ctox1cservex1cspecicx1cpopulationsx1cincludingx1cseniorsx1cfamiliesx1chomelessx1ctransitionalx1candx1chousingx1cforx1cmentallyx1corx1cphysicallyx1cdisabled.x1cx1cThisx1cguidex1cwillx1chelpx1corganizationsx1cunderstandx1cthex1ccomplexitiesx1cofx1cdevelopmentx1candx1cthex1ccommitmentx1cneededx1ctox1cproceed.x1cx1cItx1cwillx1calsox1cdetailx1cthex1cdegreex1cofx1csupportx1cneededx1cbyx1ccommunityx1clocalx1cgovernmentx1candx1cpublicx1candx1cprivatex1csectorx1cpartners.Mostx1cimportantlyx1cthisx1cguidex1cwillx1coutlinex1candx1ctakex1cyoux1cthroughx1cthex1ckeyx1cstepsx1cinx1cthex1cdevelopmentx1cprocess.x1cx1cAsx1cnon-protx1cdevelopersx1citx1cisx1cimportantx1ctox1cminimizex1cunnecessaryx1ccosts.x1cx1cTox1cassistx1cyoux1cwex1chavex1cdividedx1cthex1cdevelopmentx1cprocessx1cintox1cphases.x1cx1cThex1crstx1cphasex1ccanx1cbex1caccomplishedx1cwithx1cexistingx1cstaffx1cinterestedx1cinx1ccommunityx1cdevelopment.x1cx1cStaffx1ctimex1cmustx1cbex1cdedicatedx1ctox1cconductx1cthex1cpreliminaryx1cworkx1cthatx1callowsx1cyoux1ctox1cmakex1cax1csoundx1cdecisionx1conx1cwhetherx1cyoux1cshouldx1cinvestx1cfundsx1ctox1ctakex1cthex1cprojectx1cthroughx1cthex1cmorex1cextensivex1cdevelopmentx1cprocess.x1cx1cMuchx1cofx1cthex1cinitialx1cpreliminaryx1canalysisx1cdescribesx1cax1cprocessx1cthatx1concex1clearnedx1ccouldx1capplyx1ctox1cmostx1crealx1cestatex1cdevelopment.x1cx1cInx1cthex1csecondx1cphasex1cwex1chavex1cdetailedx1cthex1cstepsx1cneededx1ctox1ccompletex1cax1cproject.x1cx1cThisx1cstepx1cwillx1crequirex1cyourx1corganizationx1ctox1cinvestx1cpredevelopmentx1cfundingx1ctox1cconductx1cthex1cnecessaryx1cx1cdue-diligencex1dx1ctox1censurex1cthex1cprojectx1cisx1cfeasible.x1cx1cThex1csecondx1cphasex1cwillx1calsox1cdetailx1cwhatx1cneedsx1ctox1coccurx1ctox1ccompletex1cdevelopment.x1cProjectsx1cmightx1cbex1cdesignedx1ctox1cprovidex1caddedx1cbenetsx1cbyx1cincludingx1cx1cgreenx1dx1corx1cotherx1cenergy-efciencyx1cmeasures.x1cx1cProjectsx1ccouldx1cincorporatex1cservicex1cprogramsx1candx1cincludex1caddedx1cfeaturesx1csuchx1casx1ccommunityx1cgardensx1cswimmingx1cpoolsx1cchildx1ccarex1cfacilitiesx1clearningx1ccentersx1corx1clibraries.x1cx1cThesex1caddedx1ccommunityx1cbenetsx1cmayx1cincurx1cadditionalx1cdevelopmentx1ccostsx1cthatx1cyoux1corx1cyourx1cpartnersx1cwillx1cneedx1ctox1cconsider.Forx1cexperiencedx1cdevelopersx1cthisx1cguidex1ccouldx1calsox1cbex1cusedx1casx1cax1cchecklistx1ctox1cremindx1cyoux1caboutx1ckeyx1cissuesx1candx1crefreshx1cyoux1conx1cthex1cdevelopmentx1cprocessx1cforx1cthisx1ctypex1cofx1cdevelopment.Acquisitionx1cofx1cexistingx1cunitsx1candx1csubsequentx1crehabilitationx1cisx1cax1clowerx1ccostx1cmethodx1cofx1ccreatingx1caffordablex1chousingx1cbutx1cisx1cveryx1cdependentx1conx1chowx1cmuchx1crehabilitationx1cisx1cneeded.x1cx1cx1c4x1cLowx1cIncomex1cAffordablex1cTaxx1cCreditsx1cLIHTCx1cwithx1cbondx1cnancingx1chasx1cbecomex1cthex1cmostx1ccommonx1cwayx1cofx1ccreatingx1caffordablex1chousingx1cunitsx1cthroughx1cacquisitionx1candx1crehabilitation.x1cx1cTaxx1ccreditsx1ccreatex1caffordabilityx1cbyx1cattractingx1csubstantialx1cprivatex1csectorx1cequityx1cintox1cprojects.x1cThex1cfederalx1cgovernmentx1callocatesx1ccreditsx1ctox1cstatesx1conx1cax1cperx1ccapitax1cbasis.x1cx1cStatesx1cdevelopx1canx1callocationx1cplanx1cthatx1cwillx1cprovidex1ccreditsx1ctox1cprojectsx1conx1cax1ccompetitivex1cbase.x1cx1cProjectsx1csellx1cthex1ccreditsx1ctox1cinvestors.x1cx1cThex1cinvestmentx1cequityx1cplusx1cotherx1cpublicx1csectorx1cgrantsx1cresultsx1cinx1cmorex1cequityx1candx1clessx1cdebt.x1cx1cx1cThex1cnetx1cresultx1cisx1csmallerx1cloanx1csmallerx1cloanx1cpaymentsx1candx1clowerx1crents.x1cx1cUnlikex1cthex1c9x1cLIHTCx1cthex1c4x1ccreditsx1carex1creadilyx1cavailablex1candx1cinx1cmostx1cstatesx1carex1cnotx1callocatedx1conx1cax1ccompetitivex1cbasis.x1cx1cAnnuallyx1cmostx1cstatesx1cdox1cnotx1cusex1ctheirx1centirex1callocationx1cofx1c4x1ccredits.Taxx1cExemptx1cBondx1cnancingx1cisx1cax1cnancingx1cstructurex1cthatx1cisx1csimilarx1ctox1cconventionalx1cloans.x1cx1cBondsx1carex1cissuedx1cforx1cprojectsx1cusingx1c4x1cLIHTCsx1candx1cax1cnancialx1cinstitutionx1cwillx1cpurchasex1cthex1cbonds.x1cx1cFundsx1cfromx1cthex1cpurchasex1cofx1cbondsx1carex1cusedx1cinx1cthex1cprojectx1candx1cthex1cprojectx19sx1ccashx1c.owx1cwillx1crepayx1cthex1cbondx1cholderx1cinx1cmostx1cinstancesx1citx1cwillx1cbex1cax1cnancialx1cinstitution.x1cx1cx1cThex1ctermsx1carex1csimilarx1ctox1cax1cbankx1cloanx1cbutx1cthesex1cbondsx1carex1ctaxx1cexemptx1callowingx1cforx1cax1clowerx1cinterestx1cratex1cthanx1cthatx1cofx1cax1cconventionalx1cloan.x1cAsx1copposedx1ctox1cthex1c9x1cLIHTCx1cthex1cvaluex1cofx1cthex1c4x1ccreditx1cisx1caboutx1chalfx1casx1cmuchx1cmeaningx1ctherex1cwillx1cbex1chalfx1casx1cmuchx1cequity.x1cx1cForx1cthisx1creasonx1cthisx1ctypex1cofx1cnancingx1cisx1cusedx1cforx1cacquisitionx1cofx1canx1cexistingx1cbuildingx1cthatx1cneedsx1conlyx1cax1cmoderatex1camountx1cofx1crehabilitation.x1cx1cForx1cmorex1cexpensivex1cnewx1cconstructionx1corx1cifx1cyoux1cwerex1csubstantiallyx1crehabilitatingx1cax1cbuildingx1cyoux1cshouldx1cconsiderx1cthex1cusex1cofx1c9x1cLIHTCs.Thex1cdevelopmentx1cofx1caffordablex1cprojectsx1cisx1cdifcultx1candx1ccomplexx1cyetx1cprojectsx1chavex1cbeenx1cdevelopedx1cbyx1cnonprotx1ccommunityx1cdevelopmentx1corganizationsx1cforx1coverx1c15x1cyears.x1cx1cInx1cmanyx1cstatesx1cusex1cofx1cLIHTCsx1cisx1cveryx1ccompetitivex1cthex1ccompetitionx1candx1cstandardsx1cforx1capplyingx1chavex1cgrownx1cyearx1ctox1cyear.x1cx1cSomex1cofx1cthex1crequirementsx1cforx1capplyingx1cforx1ccreditsx1cnowx1cincludex1cax1csuccessfulx1ctrackx1crecordx1cofx1cdevelopingx1cLIHTCx1cprojects.x1cINTRODUCTION