Champion Park Homes represented NI ReACH’s first mixed-finance program for Winnebago County Housing Authority. Through the Low Income Housing Tax Credit (LIHTC) sponsored by the Winnebago Homes Association (the organization’s nonprofit development arm), the $40 million deal tore down the 75 homes and rebuilt 104 new homes along with new roads, drainage, city water, street lighting, curbs, sidewalks.
The LIHTC program brought in private and nonprofit equity investment to leverage HOPE VI monies apportioned to the states by the IRS. As part of the program, the LIHTC has a 15-year oversight period with the IRS and the investor to ensure the properties remain well-maintained and successful.
On January 2, 2021, the 15-year compliance period was completed, and ownership of the successful program transfers to NI ReACH marking the completion of the first LIHTC program for NI ReACH.
