CWM attorneys represent Franklin Redevelopment and Housing Authority in rehabilitation of three communities
Delphine Carnes and Harriet Reynolds recently represented Franklin Redevelopment and Housing Authority (“FRHA”) in the rehabilitation of three of its communities, Berkley Court Apartments (“Berkley”), Pretlow Gardens (“Pretlow”) and Old Town Apartments (“Old Town”). This project involved using Low-Income Housing Tax Credits (“LIHTCs”) in conjunction with the Rental Assistance Demonstration (“RAD”) to successfully renovate and convert the existing public housing units in these communities to long-term, project-based Section 8 contracts. Two of the three sites, Pretlow and Old Town, were combined into one single LIHTC and RAD transaction. These two complex transactions (Berkley and Pretlow/Old Town) utilized a variety of financial resources including 9% LIHTC equity, conventional loans, HOME funds, seller financing and public housing capital funds. The use of RAD and LIHTC facilitated the successful renovation of FRHA’s housing communities and also allowed FRHA to establish a funding resource to address its long-term capital needs. Crenshaw, Ware & Martin is one of the only firms in Virginia that has extensive first-hand experience in implementing the relatively new RAD program to assist public housing authorities in providing their residents with affordable, high quality housing.