Posted by Paul Ness, MAI on July 15, 2003 at 06:58:04:
I’m not an expert on LIH, and would suggest you talk with someone in your city’s housing department about details of programs available to developers in your city and state. There could be programs at both levels that would be useful, such as urban opportunity zone tax abatement, redevelopment grants, low-interest government loans, equity participation by a bank (they need to do some of this to comply with the Community Reinvestment Act), subsidized rents, even city historic facade easements, etc. In most programs though, in order to reap the full benefits, it would be a long-term investment on your part. You could also check your state’s web pages for such programs. I know some are spelled out on my state’s web pages. Good luck.