News release from Novogradac & Company LLP:
Novogradac Journal of Tax Credits honors special achievement in affordable housing development
RealAmerica Development LLC to be Honored at Novogradac Tax Credit Housing Developers Conference
SAN FRANCISCO (November 30, 2015) – RealAmerica Development LLC will be honored as a winner of the 2016 Developments of Distinction Awards, which will be presented Jan. 7, 2016, at the Novogradac 2016 Tax Credit Housing Developers Conference in Miami Beach, Fla. The Developments of Distinction Awards were awarded to development teams for exceptional achievement in the development of properties using the low-income housing tax credit (LIHTC) and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.
RealAmerica Development LLC will be recognized in the LIHTC Development that Best Demonstrates Financial Innovation for its Randall Lofts development in Fort Wayne, Ind. The $7.8 million Randall Lofts consists of 44 apartments in a formerly dilapidated, historic building in downtown Fort Wayne. Green features of the Energy Star-rated property include water- conserving fixtures and a reflective roof. Through a combination of LIHTCs, historic tax credits (HTCs) and NSP3 funds, RealAmerica Development LLC was able to finance the development with no soft funds from Indiana Housing and Community Development Authority.
“Congratulations to the winners of this year’s Developments of Distinction Awards,” said Susan Wilson, conference chairwoman and partner in Novogradac’s Austin, Texas, office. “Their outstanding work demonstrates why the low-income housing tax credit is one of the most important tools for creating and preserving affordable housing.”
More information on the Developments of Distinction Awards can be found at www.novoco.com/awards/developments_of_distinction/index.php. In addition to the Developments of Distinction Awards, the Novogradac Journal of Tax Credits conducts several awards programs that recognize excellence in community development, historic rehabilitation and renewable energy. Nominations for each program are open year-round and more information can be found at www.novoco.com/awards/index.php.
The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credit industries. This comprehensive monthly publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac & Company’s more than 25 years of experience on the front lines of the tax credit industry.
Novogradac began operations in 1989 and has since grown to more than 500 employees and partners with offices in San Francisco, Walnut Creek and Long Beach, Calif.; Dover, Columbus and Cleveland, Ohio; St. Louis; Boston; New York; Chicago; Austin, Texas; Portland, Ore.; Naples, Fla.; Raleigh, N.C.; and the greater metropolitan areas of Philadelphia; Washington, D.C.; Atlanta; Detroit; Kansas City, Mo.; and Seattle.
Specialty practice areas include tax, audit and consulting services for tax-credit-assisted affordable housing, community revitalization, rehabilitation of historic properties and renewable energy. Other areas of expertise include business valuation, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.