Novogradac Journal of Tax Credits Announces 2014 Developments of Distinction Award Winners

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Ten Affordable Housing Developments to be Honored at Novogradac Tax Credit Developers Conference

The Novogradac Journal of Tax Credits today announced the winners of the 2014 Developments of Distinction Awards, which recognize exceptional achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing. Winning properties and their development teams will be honored in a ceremony at the Novogradac Tax Credit Developers Conference, Jan. 8-9, 2015 at the Mandarin Oriental Miami in Miami, Fla.

“Hard-working families and individuals across the country have a safe and affordable place to call home because of the work achieved by our 2014 Developments of Distinctions Awards honorees,” said Susan Wilson, CPA, conference chairwoman and partner in Novogradac’s Austin, Texas office. “We’re pleased to recognize their accomplishments and to highlight the importance of the low-income housing tax credit in building and preserving our nation’s affordable housing stock.”

Developments of Distinction Awards winners and honorable mentions were recognized in four categories:

LIHTC Development that Best Exemplifies Major Community Impact

  •     Winner: Fairfax Intergenerational Housing

o    Developer: Western Reserve Revitalization Management & Company and Fairfax Renaissance Development Corporation
o    Owner: Fairfax Intergenerational Housing LP
o    Location: Cleveland, Ohio

  •     Honorable Mention: Columbus School Apartments

o    Developer: The Woda Group Inc.
o    Owner: Columbus School LP
o    Location: Baltimore, Md.

  •     Honorable Mention: Victory Gardens

o    Developer: Women's Institute for Housing and Economic Development
o    Owner: Women's Institute for Housing and Economic Development
o    Location: Newington, Conn.

LIHTC Development that Best Reflects Market Success in Overcoming Significant Obstacles

  •     Winner: Murphy Lane

o    Developer: Rosedale Corporation
o    Owner: Murphy Lane LP
o    Location: Holly Springs, Miss.

  •     Honorable Mention: Schmidt Artist Lofts

o    Developer: Dominium
o    Owner: St. Paul Leased Housing Associates IV LP
o    Location: St. Paul, Minn.

LIHTC Development that Best Demonstrates Financial Innovation

  •     Winner: Charlesview Residences

o    Developer: The Community Builders Inc.
o    Owner: Charlesview Housing Limited Partnership
o    Location: Brighton, Mass.

  •     Honorable Mention: Forest Park Apartments and Silver Springs Apartments

o    Developer: Delphi Affordable Housing Group and Strategic Housing Finance Corporation of Travis County
o    Owner: FP Affordable Housing LP and SS Affordable Housing LP
o    Location: Austin, Texas

  •     Honorable Mention: Pana Towers

o    Developer: S.E. Clark and Associates Inc.
o    Owner: Hanon LP
o    Location: Pana, Ill.

LIHTC Development that Best Preserves Existing Affordable Rental Housing

  •     Winner: Park Manor Estates

o    Developer: Schuett Development LLC
o    Owner: Park Manor Estates II LP
o    Location: Detroit Lakes, Minn.

  •     Honorable Mention: The Aeolian

o    Developer: Brownstone Affordable Housing Ltd.
o    Owner: Aeolian Senior Apartments LP
o    Location: Vicksburg, Miss.

Developments honored were placed in service in 2013 or 2014. More information on the Developments of Distinction Awards can be found at
http://www.novoco.com/awards/developments_of_distinction/index.php.

In addition to the Developments of Distinction Awards, the Novogradac Journal of Tax Credits conducts several awards programs designed to recognize excellence in community development, historic preservation and renewable energy. Nominations for each program are open year-round and more information can be found at http://www.novoco.com/awards/index.php.

The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credits. This comprehensive monthly publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac and Company’s more than 25 years of experience.

Novogradac began operations in 1989, and the allied group of Novogradac companies has since grown to more than 500 employees and partners with offices in San Francisco and Long Beach, Calif.; the Washington, D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis, Mo., Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y.; Portland, Ore.; Naples, Fla. and Chicago, Ill. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization, rehabilitation of historic properties and renewable energy developments.

For more information about the Novogradac Journal of Tax Credits Developments of Distinction Awards, please contact Teri Baker at (415) 356-7995 or by email at Teri(dot)Baker(at)novoco(dot)com.

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