On November 6, 2015, NAHT, HFA and the Low Income Housing Tax Credit (LIHTC) Investor closed on the equity financing portion of the deal. LIHTC investment was provided under the NHT 32 Tax Credit Fund. As the LIHTC syndicator, NAHT will work with HFA and the LIHTC Investor to ensure the project meets partnership standards and is completed on time.
Berger Square is located within the Odenton redevelopment area of the Odenton Town Center in Anne Arundel County, Maryland. Berger Square is surrounded by market rate rental housing with few housing opportunities for low-income families. This new building is ideal for families with low or moderate incomes due to its proximity to public transportation, employment, schools and child care. When construction completes in June 2016, the new building will contain 48 two-bedroom apartments with eight of the units set aside for persons with disabilities. Residents will have access to a community room, computer center, fitness center, community garden, playground, walking trail and picnic area.
Merydith Greene, a Senior Acquisitions Officer at NAHT, worked closely on this recent closing and had this to add, “NAHT is honored to provide (LIHTC) equity to support the creation of Berger Square. We are excited to work with HFA and all the strategic partners on this new project.”
Homes for America (HFA) is a nonprofit housing development corporation which specializes in developing and preserving affordable rental housing that serves low and moderate income households, seniors and persons with special needs. All of HFA’s housing is enhanced with supportive services for the residents. HFA is also a member of Stewards of Affordable Housing for the Future (SAHF).