An 80-unit new-construction, 9% HTC, mixed-income development for families is located in the Towne of Indian Lake. Resident incomes range from 30% of AMFI to 60% of AMFI. Twenty percent are leased at market rates without income restrictions. RISE Residential and their affiliate is the GP and owner of the development partnership.
Construction financing for this development will be provided by IBC in the amount of $10MM. The Town of Indian Lake made financial contributions to the development totaling $15,000 including a construction period loan. USDA D provided a permanent mortgage at stabilization at 4% per annum fixed for 15 years, with a 40-year amortization permanent mortgage in the amount of $5MM. The contractor broke ground on the project in December 2017. Completion: March 2019. HTC award was $880,000 in annual 9% credits or $8.8MM total. The construction contract was $9.35MM.