Huntsville, Alabama
CDT Partner
Southport Financial Services
Investment Description
Two expiring-use low income housing tax-credit (LIHTC) properties in the greater Huntsville, Alabama area. Wilshire Park, a 65-unit apartment community and Hunter's Chase, a 91-unit apartment complex located in nearby Madison, Alabama. Built in 1991 under the LIHTC program, both properties had satisfied their initial 15-year compliance periods and were unencumbered by an extended use agreement and eligible to convert to market.
Transaction Highlights
As part of CDT's preservation mission, at least 40% of the total number of units will remain affordable to households earning at or below 60% of the Area Median Income (AMI). Absent CDT and it is likely that these assets would be eliminated from the area's supply of affordable housing. As part of this acquisition, more than $700,000 or $4,500 per unit in renovations is planned over the next several months. These include complete roof replacement, interior and common area improvements and upgraded landscaping. The ability to address immediate capital needs is an essential component of CDT's acquisition strategy, both to improve the condition of the asset and the quality of life for the residents.
the community development trust
