Community

LIHTC—Louisiana/Gibson

Location

820 Louisiana SE—near Gibson entrance to KAFB

City

Albuquerque NM

Size

96 units—100% set aside on 6.22 acres

Year Built:

2000

Estimated Project cost:

$7.5M

Problem:

The owner of the land, the Lovelace Foundation, had held title for

decades to this infill parcel and had little success in selling the site at any price.  We were brought in to get the property sold and based on our recommendation, we performed a market study suitable for application of low income housing tax credits and recommending a list of developers to sell the site too.

Services Provided:

Market Study for Tax Credit Application

Negotiated with Developers on Seller’s behalf

Outcome:

The Seller obtained a sales price 5% higher than list price, and 40% higher than the next best offer.