Three Developments Syndicated By National Equity Fund Honored With Prominent 2018 Charles L. Edson Tax Credit Excellence Awards
CHICAGO, June 13, 2018 /PRNewswire-USNewswire/ -- Three affordable housing properties syndicated by National Equity Fund were honored with the Affordable Housing Tax Credit Coalition 24th annual Charles L. Edson Tax Credit Excellence Awards. Presented to the most outstanding housing credit developments in seven categories, this celebrated national honor celebrates the best in affordable rental housing.
Two of the properties are located in the Chicago metro area – Midtown Crossing Apartments and Milwaukee Avenue Apartments – and were selected as honorable mentions in the special needs category. The third, Senior Residences at Mercy Park is in Chamblee, Georgia, and was chosen as honorable mention in the senior housing category.
"We believe that great things happen when you have extraordinary partners," commented Joe Hagan, president and CEO of NEF. "Having these developments recognized by such a prominent program and panel of judges demonstrates that we have exceptional partners and we are pleased to be part of this tribute to the best of the best in our industry," he added.
"The Housing Credit program goes beyond providing stable, safe affordable housing by strengthening communities and providing jobs, many of them local to the communities in which the properties are located," said Michael Gaber, president of AHTCC. "Recipients of the prestigious Edson Awards exemplify how this vital program leads to better outcomes for residents and reminds us why this program must be expanded and strengthened to meet the increasing need for affordable housing."
The award recipients were presented with a commemorative certificate at today's Capitol Hill luncheon ceremony with members of congress in attendance.
Midtown Crossing Apartments is a completely barrier-free no threshold four-story affordable apartment complex built for physically, developmentally or mentally disabled residents in Des Plaines, Illinois. The 33 apartments offer living spaces that truly work for people with mobility challenges and its transit-oriented location brings job, educational and recreational opportunities to residents' doorsteps. Sponsor, Over The Rainbow, is dedicated to increasing the quality of life for individuals with physical disabilities through the creation of affordable, accessible, barrier-free housing solutions and person-centered services that encourage independent living.
Located in Chicago's Avondale neighborhood six miles northwest of downtown Chicago, Milwaukee Avenue Apartments is a four-story permanent affordable supportive housing development designed to meet the needs of mobility- and sensory-impaired individuals and their families. The sponsor, Full Circle Communities, Inc. (FCC), is a 501(c)(3) organization whose mission is to increase access to housing through affordability, thoughtful design and the provision of significant and targeted services to residents. To fulfill this mission, FCC uses a unique service model dedicating 75 percent of its economics (developer fee and cash flow) to providing crucial support services.
Senior Residences at Mercy Park in the heart of Chamblee, Georgia, is a 79- unit affordable housing community for seniors, 15 miles northeast of Atlanta. The one- and two-bedroom apartments are reserved for those 62 plus with a household income of between 50 and 60 percent Area Median Income.
About National Equity Fund, Inc.
National Equity Fund, Inc. is a leading syndicator of Low Income Housing Tax Credits. The Chicago-based non-profit is an affiliate of the Local Initiatives Support Corporation and has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for more than 30 years. It has invested $14.1 billion in 2,584 LIHTC developments, creating approximately 166,632 affordable homes for low-income families and individuals. For more information, visit www.nefinc.org/
About the Affordable Housing Tax Credit Coalition
Founded in 1988, AHTCC is a trade organization of housing professionals who advocate for affordable rental housing financed using the Low-Income Housing Tax Credit (Housing Credit). Its for-profit and non-profit members—including syndicators, investors, lenders, developers, legal and accounting professionals and state allocating agencies—seek to preserve, expand and improve the Housing Credit and complementary programs through legislative outreach and education.
Contact: Maureen Mullady
National Equity Fund, Inc
312.697.6460
[email protected]
SOURCE National Equity Fund, Inc.
Share this article