Clocktower Tax Credits, LLC assisted the Brewster and Mary Hosmer Apartment rehabilitations in Freeport, Illinois. The two buildings closed financing simultaneously at the end of 2016, and are scheduled to be re-opened to tenants after a 12-month construction period. Once finished, the two buildings will combine to improve 167 units of affordable rental housing in northern Illinois. The two towers were originally built in 1965 and 1971, respectively, and were in dire need of upgrades to the apartments and common area facilities for its low-income tenants. The rehabilitations included kitchen layout reconfigurations, new cabinets, fixtures, flooring, tenant storage areas, fire code and disability compliance upgrades, and structural modernizations.
The project received numerous incentives from the Illinois Housing Development Authority, including Federal Low-Income Housing Tax Credits, Illinois Affordable Housing Tax Credits, Tax Exempt Bonds, and a Risk Share Loan, to incentivize private developers to conduct the rehabilitations. Through our past experience in working with Brinshore Development, L.L.C., a real estate development firm working in the market-rate and affordable spheres in the Midwest, Clocktower helped the project by monetizing $3,600,000 in Illinois tax credits through a Fortune 500 company, providing millions of dollars of equity that ultimately bettered the Freeport community.
Clocktower has worked with over a dozen Affordable Housing developments over the past three years, and has brokered over fifty million dollars of both Federal and State Low-Income Tax Credits to low-income Housing projects nationwide in our firm’s history. We understand the deadlines and program specifics of all State and Federal Low-Income Housing Tax Credit programs, and assist developments in their Tax Credit equity closing process. Our expertise in sourcing either equity partners for non-transferrable Tax Credits or buyers for certificated transferrable Tax Credits has afforded us the opportunity to help community-oriented projects of all kinds.
The report can be viewed online at http://www.journalstandard.com/news/20170224/freeport-housing-authoritys-brewster-and-hosmer-20m-apartment-renovations-underway. For more information, please contact David Curtis at (978) 440-0742 or DCurtis@clocktowertc.com.