SiTE

Newport, KY
February 2012

TOTAL PROJECT COST

$4 Million

IMPACT

32 rent-subsidized units for the elderly

―

Neighborhood Foundations, Inc., the development arm of the Housing Authority of Newport, approached us to help fund a $4 million project for the development of 32 new units for senior citizens. We worked with Steve Percy Real Estate Consultants (SPREC) to successfully apply for $449,662 in annual Low-Income Housing Tax Credits, generating $3.87M of investor equity. The completed units are rent-subsidized for affordability.