MIAMI (Jan. 9, 2014) – CAMBA Gardens Phase I, an affordable rental housing property developed by CAMBA Housing Ventures Inc., was named the Low-Income Housing Tax Credit (LIHTC) Development that Best Demonstrates Financial Innovation at the 5th annual Novogradac Journal of Tax Credits Developments of Distinction Awards Ceremony. The award presentations were made before hundreds of affordable housing industry practitioners attending Novogradac & Company LLP’s Tax Credit Developers Conference at the Mandarin Oriental in Miami, FL, Jan. 9, 2014.
Established in 2009, the Developments of Distinction Awards were created to recognize outstanding achievement in the development of affordable housing using the LIHTC. The awards honor LIHTC developments that made a major impact in their communities, overcame significant obstacles during development, or demonstrated financial innovation.
“The Developments of Distinction Awards once again showcase the importance and effectiveness of the low-income housing tax credit,” said Michael J. Novogradac, CPA and managing partner of Novogradac & Company LLP. “The winning developments are shining examples of how the LIHTC continues to fuel the creation of affordable rental housing, providing low-income families with an affordable place to call home. We are extremely proud to present awards to this year’s winners and honorable mentions, and congratulate them for their outstanding efforts.”
“CAMBA and CHV are honored to have our work recognized by the Novogradac Journal of Tax Credits,” said Joanne M. Oplustil, CAMBA and CHV President and CEO. “We hope that CAMBA Gardens Phase I can serve as a national model for partnership between a hospital, a developer and a non-profit service provider, and we are delighted to see our innovative financing approach has led to stable, service-enriched, affordable homes for more than 400 individuals.”
The team that developed CAMBA Gardens Phase I in Brooklyn, NY, was honored for demonstrating financial innovation for combining multiple local, county and state funding sources to develop much-needed affordable housing for low-income and formerly homeless families.
Developer CAMBA Housing Ventures Inc. leveraged $66.8 million in funding from a wide range of public financing and private equity, including the New York State Housing Finance Agency (HFA), the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program (HPD SHLP), Homeless Housing Assistance Program (HHAP), Federal Home Loan Bank Affordable Housing Program (AHP), Brooklyn Borough President and City Council Reso-A funds, a grant from the New York State Energy Research and Development Authority (NYSERDA) and $500,000 in LIHTC equity. CAMBA Gardens Phase I is a national pilot development that transformed surplus hospital property into 209 units of affordable and supportive housing. In addition, the complex offers streamlined health services and supportive services to low-income families.
The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credit industries. This comprehensive 80-page publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac and Company’s more than 20 years of experience on the front lines of the tax credit industry.
Novogradac & Company LLP was founded in 1989, and has since grown to more than 400 employees and partners in offices in San Francisco and Long Beach, Calif.; Washington, D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y.; Detroit, Mich.; St. Louis, Mo. and Portland, Ore. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization and rehabilitation of historic properties. Other areas of expertise include military base redevelopment, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.
About CAMBA and CAMBA Housing Ventures
Started in 1977, CAMBA is a nonprofit agency that connects people with opportunities to enhance their quality of life. CAMBA offers integrated services and programs in: Economic Development, Education & Youth Development, Family Support, Health, Housing and Legal Services. CAMBA serves more than 45,000 individuals and families, including 9,000 youth, each year. CAMBA has been addressing New York City’s housing crisis since 1991 by providing permanent and supportive housing, homeless prevention, housing relocation and emergency and transitional housing. In 2005, CAMBA created CAMBA Housing Ventures, Inc. (CHV) as an affiliated nonprofit affordable housing development corporation. Today, CHV is an award-winning affordable, supportive housing developer. CHV pairs excellent design and sustainable, energy-efficient buildings with CAMBA’s life-changing case management services to provide safe, healthy homes for low-income and formerly homeless individuals. CHV’s goal is to create 1,000 units of affordable housing by 2015.
For more information about the Novogradac Journal of Tax Credits Developments of Distinction Awards, contact Teri Baker at (415)356-8000, or email [email protected].