Cleveland’s Bellwether Enterprise Real Estate Capital, LLC recently closed its first FHA Section 223(f) Low Income Housing Tax Credit Pilot deal for $18 million for a property in Santa Barbara, Calif.
This is the largest FHA commitment issued for a LIHTC project by the U.S. Department of Housing and Urban Development under the pilot program instituted in May of 2012.
The deal was for the acquisition of Villa Santa Fe, a multi-family property that caters exclusively to seniors ages 62 and older and persons with disabilities. The project was also awarded a Tax Exempt Bond and 4 percent LIHTC reservations. Of the 167 units, 155 have LIHTC rent restrictions, of which 106 are encumbered by a 15-year Project Based Section Eight Voucher contract. Ten units are market rate.
