1. Developer’s Perspective
Housing Production
Developer’s Perspective
Jennifer Cloud
Acquisitions Manager
Steele Properties LLC

2. Burlington, CO

3. Preservation Benefits of Preservation: Essential Programs:
Improve existing housing stock
Reduce occurrence of market conversion (loss of affordable units)
Minimal development/city fees
Lower hard cost
Minimal lease up risk
Property income during construction
PBS8 allows lower income targeting/strong underwriting
Essential Programs:
9% LIHTC
4% LIHTC/Tax Exempt Bonds
Gap/soft funding
PBS8/PBV
Tax Exemption

4. Greeley, CO

5. New Construction Benefits of New Construction: Essential Programs:
Increase housing availability for growing population
Apply modern, energy efficient building practices
Essential Programs:
9% LIHTC
4% LIHTC/Tax Exempt Bonds
State LIHTC
Gap/soft funding
PBV
Tax Exemption
Local government contribution/permit and impact fee waiver

7. Last Thoughts…
State LIHTC renewal is essential to affordable housing preservation and production in the region
Local government financial participation will help leverage state and federal investment (and is sometimes necessary)
Local housing authorities can partner with private developers/owners to increase housing production and preserve existing stock