Hollyhand Development, LLC, brings a combined 50 years of experience working with all facets of affordable housing development including extensive experience developing, financing, constructing and managing housing utilizing financing through the low-income housing tax credit program. We have successfully developed more than 30 projects using tax credits. Included among these projects are 11 phases of public housing redevelopment, comprising over 1000 units (this includes projects under construction and projects financed with 4% tax credits).
We have an excellent track record in obtaining 9% allocations on PHA redevelopment projects in Alabama, by far the most critical financing tool in PHA redevelopment. We have raised well over $150 million in equity for public housing redevelopment projects in Alabama and been successful on ten of twelve 9% LIHTC applications it has submitted in Alabama for public housing redevelopment projects (both mixed finance and RAD). Overall, we have been successful on 13 of the last 16 9% LIHTC applications. These phases comprise 5 separate public housing community redevelopments efforts.
OUR SKILL SET INCLUDES:
- Managing properties in compliance with tax credit and applicable HUD requirements.
- Working with HUD Field Office, RAD and Mixed Finance Officials.
- Analyzing and selecting sites based on construction, market, and selection criteria concerns.
- Developing detailed development and construction budgets for public housing redevelopment.
- Utilizing the 9% and 4% tax credit program for public housing redevelopment.
- Working with HUD officials to produce appropriate tenant relocation plans and obtaining Site and Neighborhood approval.
- Analyzing letters of intent from potential equity investors and closing partnership agreements securing tax credit equity.
- Overseeing and completing construction and any required demolition in accordance with tax credit program timelines.
- Transforming current public housing sites and developing replacement housing offsite.
- Working with housing finance agencies and other sources of financing including sources of ADD: local and state HOME and CDBG funds, RAD and ACC financing structures, State and Federal Historic Tax Credits, government bond and general fund financing, and Federal Home Loan Bank Affordable Housing Program (AHP).
- Commissioning environmental and market studies.