Smith NMTC Closes $28M Transaction with The Housing Partnership Network, Inc.
Smith NMTC Associates, LLC announces its most recent closing of a $28M New Markets Tax Credit (NMTC) transaction with The Housing Partnership Network, Inc. (HPN). A Community Development Financial Institution (CDFI) since 1992 and a certified Community Development Entity since 2007, HPN provides loans to its members – 100 of the highest performing affordable housing and community development nonprofits in the country. Since 2015, Smith has partnered with HPN on seven transactions totaling $120M of NMTC allocation resulting over 675 homes in 9 states. U.S. Bancorp Community Development Corporation served as the tax credit investor on all 7 transactions and has been a partner with Smith NMTC in its NMTC housing model since 2008. Through this most recent transaction, four nonprofit affordable housing developers will develop over 120 homes in low income communities that have suffered disinvestment and will provide homeownership opportunities to low income buyers in these communities. The borrowers are Champlain Housing Trust, Inc. (VT), come dream come build (TX), Homewise, Inc. (NM), and Housing Channel (TX).
Smith NMTC Executive Vice President Donna Smith shares, “The last year has emphasized the importance of homeownership as a tool to help address significant racial equity issues in our country. The significant level of funding provided through this HPN transaction has expanded the capacity of nonprofit for-sale housing developers to create new homeownership opportunities, especially for BIPOC families. Through the wealth-building power of homeownership, families and communities alike look forward to stronger futures and renewed stability for the benefit of the next generation. With our partners nationwide, we are committed to revitalizing distressed and underserved neighborhoods by increasing the availability of affordable homes for sale.”
Champlain Housing Trust, Inc (CHT)
Homes created: 20 condominiums
Location: Winooski, Vermont