LOS ANGELES, August 27, 2019 – Hunt Capital Partners announced today the closing of $2.8 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Powell Court Apartments. Located in the city of Powell in northwestern Wyoming, the development will bring twelve new affordable housing units to the area. With just under 7,000 residents, Powell is driven by an agriculture-based economy that is supplemented by Yellowstone National Park tourism.
“Powell Court is our first investment with co-developers Wyoming Housing Network and CR Builders,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are pleased to work with them to expand affordable housing options in Powell.”
Construction for Powell Court is underway. When completed in January 2020, Powell Court will offer 12 LIHTC units in a single, two-story garden style residential building. The development will include on-site management, a fully equipped children’s play area, and a community garden for residents. Each unit will include the standard set of modern amenities.
The total development cost for Powell Court Apartments is $3.47 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. First Bank, a division of Glacier Bank, provided a senior construction loan of $1.95 million, and the Wyoming Community Development Authority provided a $530,000 HOME loan for construction and permanent financing.
Wyoming Housing Network and CR Builders are co-developers. Sletten Construction Company is the general contractor. BlueLine Property Management, LLC is the property management agent.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.9 billion in tax credit equity. 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, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.