PO Box 725378
Berkley, MI
ph: 248-268-3289
kirk
Franklin School Apartments
Affiliated Developers, Inc. (ADI) develops, preserves, adaptively re-uses, and builds affordable housing by monetizing government incentives such as the following: Federal and State Low Income Housing Tax Credit ("LIHTC") equity, Brownfiled tax credit equity, Enterprise Zone Tax credits and Rebates, Facade Grants, and Energy Tax equity, 4% Tax Exempt Bond progrem, Federal and State Historic Tax Credit equity, HUD HOPE VI, HOME, CDBG and Housing Trust Fund grants.
In addition, ADI uses mostly government backed debt sources that would include HUD 221(d)4 and 223f loans, Fannie Mae / Freddie Mac, USDA 515 & 538 debt and Coal Trust Funds. Lastly, ADI has developed longstanding relationships with conventional debt lenders such as Stockman Bank, Glacier National Bank and Bank of Oklahoma for either construction loan debt or Permanent financing debt.
We have an excellent relationship with the lending, syndication and housing agency communities. We structure top-notch development teams for areas in which we are developing, outsourcing architectural, engineering, construction (sometimes) and property management.
Emerald Springs phase 1a and 1b (9/1/2011)
Oakwood Village (11/1/2021)
OK Central Region Portfolio (11/1/2021)
Havre Eagles Manor ("HEM") (Havre, Montana)
ADI will be acquiring HEM 12/31/2021 with cash. ADI intends to apply for 9% LIHTC equity through the Montana Board of Housing in June of 2022. In addition to equity, other fundind sources will be FHA or conventional debt. ADI plans on doing a $4-$5M renovation. Total Developments Costs $8m.
Oklahoma Central Region RD Portfolio ("OCRD") (Central Oklahoma)
OCRD consists of 261 units varying from 1 - 4 bedroom units with 11 different locations in central Oklahoma. All 261 units have an existing USDA 515 assumbable loan ($9.1M) with attached Rental Assistance from Rural Development ("RD"). In addition, the project will have the following capital Stack: 4% Tax exempt Bond ($13M) 4% LIHTC ($6.5M), USDA 538 construction / permanent loan conversion ($10.4M). This is a RD scattered site "preservation" project, wheras ADI will be doing a substantial rehabilitation ($10M) using many "green" and "energy" initiatives. Construction is scheduled to be completed Nov 2021 Total Development Costs ("TDC") $30m.
Oakwood Village Apartments ("OVA") (Havre, MT)
OVA consists of 60 2 & 3 bedroom units with a 100% Project Based Section 8 HAP constract for families. ADI received a 9% LIHTC reservation from the Montana Board of Housing ("MBOH") in November of 2018. In addition, this project will have $3.6m in Coal Trust Fund debt from the Montana Departmet of Commerce. An acquisition / construction loan from Rural Community Assistance Corporation ("RCAC"). Finally, $923k from the HUD Housing Trust funds issued by the Montana Department of Commerce ("MDOC"). The total construction contract will be approximately $4.2M. Construction is scheduled to commence in April of 2020 with construction completion March 2022. Total Development Costs ("TDC") $7.8m.
Copyright 2010 Affiliated Developers, Inc. All rights reserved.
PO Box 725378
Berkley, MI
ph: 248-268-3289
kirk