LOS ANGELES, Oct. 18, 2018 – Hunt Capital Partners, in partnership with the Vancouver Housing Authority and Columbia Non-Profit Housing, announced the closing of $4.2 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Rhododendron Place. The development is located in Vancouver, Wash., and it will offer 30 LIHTC units, 23 of which will be set aside for those who qualify as homeless.
Founded in 1942, the Vancouver Housing Authority (VHA) provides housing for approximately 3,400 households in their community through subsidized rental properties. Providing permanent housing for Vancouver’s homeless populations has been a top priority for VHA for decades. VHA established Columbia Non-Profit Housing (CNPH) in 1981 and later founded the Council for the Homeless in 1989 to provide guidance for nonprofits serving homeless populations in Clark County. VHA is committed to working with community partners to offer a variety of education, employment and social services to residents of their developments.
“We are glad to collaborate with the Vancouver Housing Authority and Columbia Non-Profit Housing on the new construction of Rhododendron Place,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Our investment in this development will help our partners continue the great work they are doing in the community to provide affordable housing for the homeless and equip them with resources to help break the cycle of poverty.”
The new development will consist of 15 studio units for households earning 30 percent of the area median income (AMI), and 15 studio households set aside for those earning up to 50 percent AMI. Twenty-three of the total 30 units will be restricted to those who qualify as homeless. All units will be restricted to those with behavioral health disorders and mental disabilities. Columbia River Mental Health Services, a private non-profit community mental health center, will provide supportive services to all of the residents within the new development, free of charge. These include child and family services, youth services, mentoring, drug and alcohol treatment, employment services, medical, supported housing, and treatment programs, to name a few.
Construction on Rhododendron Place has already begun, with an expected completion date of December 2019. Each unit will be furnished with a single bed frame, mattress, side table, desk and chair for residents who may not be able to otherwise furnish their units. Community amenities will include on-site management, resident services, a common area, computer lab, central laundry, along with video surveillance and limited access entry for resident safety.
The total development cost for Rhododendron Place is $7.78 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. CNPH provided a $2.1 million construction to permanent loan and VHA provided a $1.2 million construction to permanent loan. CNPH is the general partner, while CNPH and VHA are both co-developers. TEAM Construction is the general contractor, and Key Property Services Inc. will serve as 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 $1.5 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.
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