Funding Available for Low Income Housing
The most difficult hurdle for acquiring low-income housing, is purchasing the property without any capital. This is where The Provost Group can help! Obtaining financing is especially critical with for-profit developers, whose projects need to make financial sense at the end of the day.
This is how we can make it happen for you: Our investors put up the equity and debt and own 99.99% of the property. They take the depreciation. A partnership is put in place. You become the general partner and investors take up to 20% of the income, the balance is divided up. Section 42 runs for 15 years with the same “owners”.
Information on Low-Income Housing:
We are looking for Section 42 of the IRS code but are not limited to this, as to not miss any opportunity. This includes senior housing, student housing, people making $35K or less per year, or subsidized market. We would be interested in any property yielding a MINIMAL NOI of $1,500,000…nothing less! Anything above this would be great and we would be capable of taking it down!