Tax-Exempt and Taxable Bonds Finance Significant Portion of Construction Costs for Permanent Supportive and Transitional Housing Units
Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has purchased $42 million in tax-exempt and taxable mortgage revenue bonds for the acquisition and adaptive reuse and permanent financing of a future 79-unit seniors and supportive housing community in Los Angeles. Frank Bravo, Managing Director at ATAX, originated the transaction.
The scope of work at 5500 Hollywood Boulevard will consist of the conversion of the existing vacant commercial building into a low-income housing tax credit multifamily development. The project will consist of one five-story apartment building after adding a mezzanine. Post-adaptive reuse, the property will be restricted to senior residents earning 30%, 50% and 80% of area median income. Thirty-nine of the units are anticipated to benefit from project-based vouchers, master leased by The People Concern, whose constituents are homeless individuals or those at risk of homelessness.