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Welcome to the A.CRE Audio Series! On this episode, I am here once again with the creators of the Adventures in CRE website, Spencer Burton and Michael Belasco. Today we are joined by Ben Stevens to talk about the birth of a LIHTC building.
00:00 - Introduction
02:24 - Discussion on Affordable Housing: Definitions, Concepts, and Economic Questions
03:48 - Government Involvement and History of Public Housing in the US
05:21 - Quality vs. Affordability Debate and Evolution of Public Housing
07:50 - Design and Operational Challenges in Public Housing; Changes in the 1960s
10:02 - Challenges in Modern Public Housing and Shift to Private Solutions
11:45 - Role of Large Developers and Introduction to Low Income Housing Tax Credits (LIHTC)
13:10 - Financing Structure and Development Process of LIHTC Projects
16:30 - Importance of Qualifying Allocation Plan (QAP) in LIHTC and Site Selection
18:50 - Eligible Costs, Calculations, and Role of Financial Institutions in LIHTC
20:51 - Timing and Process of Buying Tax Credits; Installment Receipts During Construction
23:44 - Debt Sizing, Service Coverage, and Gap Funding in Affordable Housing Projects
27:01 - Financial Modeling Challenges and Diverse Funding Sources in Affordable Housing
30:00 - Project Size Limitations and Differentiating Between 9% and 4% Tax Credits
33:10 - Combining Tax Credits for Financing and Investor Benefits in Affordable Housing
36:04 - Evaluating Affordable Housing as a Business Venture and Invitation for Further Discussion
Ben Stevens is a project manager for a real estate development firm in Chicago. He holds an MBA in Real Estate and Urban Land Economics from the University of Wisconsin at Madison. On the side, he hosts The Skyline Forum. He is also the author of the new book, The Birth of a Building. Ben lives in Chicago with his wife and two children.
Today we are starting a two-part episode with Ben. We are specifically talk about LIHTC-supported investments. We also jump into a variety of other topics based on Ben’s knowledge, including lessons he has learned and how allocation is set up.
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