Navigating LIHTC Funding Requirements Like Pros.
While the construction of affordable housing projects may on the surface appear to be simply building or renovating an apartment complex, affordable housing that utilizes Low Income Housing Tax Credits (LIHTC) requires a unique set of skills and knowledge. With years of experience and our team’s involvement in our community, Mowery understands the importance of affordable housing, and more importantly the unique challenges of the process.
Affordable Housing projects are most often developed utilizing LIHTC. This funding source, along with the project’s private equity requirements, demands a significant understanding of the process to ensure that the project meets all the requirements and timelines associated with this unique form of development. Mowery typically partners with the development team at the earliest stages of the project. The benefits of this early partnership include:
- We understand the importance of developing reliable cost estimates early in the process based on very limited design.
- We also understand how to comply with often unique project requirements as a result of the funding sources.
Due to this understanding, owners count on Mowery to get it right the first time when setting the planning, budget and timeline. The result then is a smooth preconstruction and construction process for the entire team.
Let our team help you navigate the LIHTC funding requirements for your next project. Contact us today to learn more about our approach to affordable housing construction projects.
“There are several reasons we repeatedly work with Mowery. Their all-important cost estimates can be trusted; they are particularly good at identifying cost savings opportunities; and their communications are always timely, with no surprises. In addition, the execution and speed from initiating construction to project completion is excellent – Mowery gets the work done effectively, in most cases, ahead of schedule. I am very appreciative for the relationship we have with Mowery and the value they have added to our work as a developer, and our overall service to our senior community." - Presbyterian Senior Living