The Ontario Court project provides 27 units of affordable rental housing—most at rents more than 30% below market-comparable units in the neighborhood. Originally developed by the Church of the Saviour’s Jubilee Housing operation in the heart of Washington, D.C., Ontario Court is a diverse, compassionate community of nearly 800 that creates opportunities for its members to thrive. At the end of its seven-year New Market Tax Credit compliance-period, the project found its net operating income falling short of first mortgage refinancing options, due to its continued success in attracting lower income tenants, who pay only 30% of their income as rent. EquityPlus recommended that Jubilee Housing use 4% Lower Income Tax Credit financing to refinance the first mortgage, which allowed them to do moderate renovation, install solar panels on the roof, and make the building handicapped accessible. EquityPlus continues to assist Jubilee Housing with its on-going LIHTC compliance and reporting requirements.
Low Income Housing Tax Credits, Real Estate Development Services