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White8

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Dec 6, 2007
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I read an article the other day about Evan Holladay and how he has been able to creatively finance 100% of several affordable housing projects using a combination of grants, tax credits, and low rate financing. I've got a commercial project about to start with significant LTV but I stumbled onto a potential 55 and older residential project while driving around one day and I would like to be able to dive into it as well using those techniques but can't seem to get any information out of the State of Oregon department that may be able to offer some assistance. Is anyone familiar with these sorts of programs on a state or federal level?
 

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CareCPA

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A major part of this is Low Income Housing Tax Credits (created by the Federal government, and administered by the states). For Oregon, look here: Oregon Housing and Community Services : Grants & Tax Credits : Housing Development : State of Oregon

There are all kinds of rules/regulations/criteria that you have to meet to be eligible, and you normally need to prequalify your project since funds are limited.

Then, find a bunch of wealthy people and convince them to invest. They get the passthrough of the credit, and generally get to take the losses of the business as well.

I often see these with a non-profit as the GP and operator.
 

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