ARAB, Ala., April 2, 2024 – Hunt Capital Partners (“HCP”) announced the transfer of ownership of Hunter’s Landing and Quail Ridge at Mallard Pointe (“Hunter’s Landing and Quail Ridge”), a 74-unit affordable housing development in Arab, Alabama, to Huntsville-based nonprofit Neighborhood Concepts, Inc. (“Neighborhood Concepts”). The move supports the nonprofit’s mission to strengthen communities through affordable housing and ensures that local low-income families can continue to have a safe and reliable place to call home.

Following the end of the tax credit recapture period in 2022, HCP worked with Neighborhood Concepts to determine the best path forward for the long-term viability of the development. In a move that aligns with their shared commitment to community development, the Investor Limited Partner interests were transferred to Neighborhood Concepts. This places the property under the complete stewardship of the organization. The transfer grants full autonomy on operational and managerial decisions to benefit the property and its residents.

“We are pleased to facilitate the transfer of Hunter’s Landing and Quail Ridge to our long-time partner Neighborhood Concepts,” said Hunt Capital Partners Jeff Weiss. “The transfer enables the nonprofit to effectively make important localized decisions to ensure that Alabama families are met with continued access to quality affordable housing.”

Since its construction in 1984 and subsequent rehabilitation in 2007, Hunter’s Landing and Quail Ridge have provided a mix of one-, two-, and three-bedroom affordable homes for local families with incomes up to 60% of the area median income. In June 2023, the average resident rent payment was $189 per unit due to rental subsidies from the United States Department of Agriculture (USDA) Rural Development and the Arab Housing Authority. These subsidies have been essential to provide low-income families the financial assistance to afford quality housing without overburdening their finances.

”We appreciate HCP’s commitment to crafting a Year 15 exit strategy that made sense for all parties to ensure that the units will continue to be available to address the housing needs in this rural Alabama community,” said Neighborhood Concepts Executive Director Mary Ellen Judah. 

The transfer underscores both Hunt Capital Partners and Neighborhood Concept’s dedication to providing and maintaining affordable housing in the communities they serve.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come. 

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

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