MULTIFAMILY HOUSING
Gatehouse Rows, Lincoln, NE
Gatehouse Rows is the first large scale response to Lincoln's adopted affordable housing action plan. Situated between an established neighborhood and the edge of the historic Wyuka Cemetary, this wooded lot provides a beautiful backdrop to the modern row home design. The units were designed to accomodate the density needed for affordable housing, while maintaining continuity with the neighborhood.
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Project: 98 units with 1, 2 and 3 bedroom rental housing with community amenities including a clubhouse, community garden, linear park, and playground
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Challenge: Deliver an infill affordable housing project utilizing a challenging vacant site
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Solution: A "missing middle" architectural concept utilizing both TIF and the Nebraska Affordable Housing Tax Credit Match for 4% Bond Financing
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Financing Structure: 4% LIHTC Bond Financing privately placed to a local consortium of banks
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Timeline: Expected to be placed in service in Q4, 2022
Old Walnut Apartments, Grand Island, NE
Old Walnut is a redevelopment of a historic high school into affordable housing in Grand Island, Nebraska. The project delivers highly affordable units along with commercial space for supportive services, while preserving the historic nature of the original building.
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Project: 88 units of 1 and 2 bedroom rental housing, along with commercial space for supportive services and the renovation of the historic theater into a community asset
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Challenge: Combining historic and low income tax credits into a significant renovation
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Solution: Utilizing the negotiated CRANE process enabled the project to manage the complexity across stakeholders
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Financing Structure: 9% LIHTC and Historic Tax Credits, TIF, and conventional
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Timeline: Delivered in 2007
East Park, Grand Island, NE
East Park is a market rate project located close to Grand Island's core employers and shares a site with a previously built affordable housing project, creating an overall mixed income site.
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Project: 88 units of 1 and 2 bedroom rental housing
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Challenge: Delivering market rate housing at an affordable level for workforce in the community.
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Solution: Utilizing surplus land from another development combined with TIF to ensure capital structure could support workforce rental levels
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Financing Structure: Conventional and TIF
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Timeline: Delivered in 2016
Water Park, Lincoln, NE
Water Park is a historic tax credit renovation of an old utility building into modern condominiums, ideally located in central Lincoln, Nebraska.
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Project: 40 unit condominium conversion
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Challenge: How to structure the Historic Tax Credits into a for-sale product to keep unit prices affordable
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Solution: A unique syndication structure that passed the historic tax credits to purchasers of the condomniums
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Financing structure: Historic tax credits
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Timeline: Delivered in 1994
Hayward Place, Lincoln, NE
Hayward Place is a historic tax credit renovation of an old utility building into modern condominiums, ideally located in central Lincoln, Nebraska.
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Project: 40 unit condominium conversion
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Challenge: How to structure the Historic Tax Credits into a for-sale product to keep unit prices affordable
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Solution: A unique syndication structure that passed the historic tax credits to purchasers of the condominiums
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Financing Structure: Historic tax credits
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Timeline: Delivered in 1994
Creekside Village, Lincoln, NE
Creekside Village is the renovation of surplus land from the previous national guard armory into an affordable housing project and supportive park.
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Project: A 71 unit rental project with 1, 2 bedroom as well as townhomes for rent targeting ~40% median income
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Challenge: How to utilize surplus reclaimed land on the edge of a flood plain
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Solution: Unique use of the site to preserve open space and elevate the building structures out of the flood plain
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Financing Structure: 9% LIHTC and TIF
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Timeline: Delivered in 2011