April 8, 2016– NDC Corporate Equity Fund XII announced a LIHTC closing for a $5.5 million rehabilitation and consolidation of three projects, totaling 52 affordable senior units. With the closing for this project, NDC Corporate Equity Fund adds a new state to their portfolio. The project was completed in partnership with Carefree Living Caliente, American Covenant Senior Housing Foundation and Oakleaf, LLC.
The Lincoln Square development is located in the southeastern portion of the state of Nevada, in a rural census tract. All units receive Rural Development Rental Assistance, and are set aside for seniors that are 30%, 40% and 50% of the AMI. Until recently the properties were operating at about 63% occupancy due to poor management, the development team stepped up, vastly improving tenant relations and investing nearly $60,000 from September 2014 to March 2015 to address general maintenance issues. The property currently operates at 100% occupancy.
Three rural projects will be consolidated into one Lincoln Square property, the rehabilitation will address a sewer line repair to restore one unit that is currently not leasable. The units will be updated with new cabinetry, appliances, bathroom fixtures, flooring and lightening. Additionally, the open parking lots will become covered, with structures serving as racks for solar panels.
Permanent financing for the project included a USDA 515 Loan, USDA 538 Loan proceeds, HOME funds, LIHTC equity and Renewable Tax Credit investment.