In June 2013, a Georgia-based housing authority and their development partner at the time were unsuccessful in their pursuit of 9 percent LIHTCs for the redevelopment of Willingham Village. In January 2014, the Georgia Department of Community Affairs (DCA) announced a HOME Multifamily Affordable Housing Notice of Funding Availability pertaining to $20 million of HOME funds that would target HUD-RAD developments and developments that were “shovel ready.” Eager to better position them to receive funding, the housing authority sought a new development partner and issued a request for qualifications.
Based on their demonstrated experience with the RAD program and deep understanding of the complexities of multifamily housing development projects, the housing authority selected the team of Vantage Development and subcontractor Baker Tilly as their co-development partner of a 172-unit project at Willingham Village Apartments located in Rome, Georgia.
From the period of January 31, 2014, to February 10, 2014, the Vantage‒Baker Tilly team performed extensive due diligence on the project that included:
Through a careful analysis of the project, the Vantage‒Baker Tilly team was able to add significant value to the LIHTC application while operating under a tight timeframe to meet DCA’s deadline. Here are some of the tactics the team implemented to foster success:
By March 2014, the project was awarded $4.2 million in HOME funds and allowed to proceed towards closing.
Between March and June 2014, the Vantage‒Baker Tilly team worked to close Willingham Village Phase I and prepared to submit Willingham Village Phase II as a 9 percent LIHTC development to DCA. The closing process included assisting in the preparation of all construction documents, construction pricing, bond issuances, underwriting, and related preparation for closing with the construction lender and the federal and state equity providers.
In an effort to ensure the team’s ability to meet Willingham Village Phase I’s closing date, the Vantage‒Baker Tilly team made the following adjustments and implemented a revised strategy on the deal:
“Based on our successful partnership, I can attest that Vantage Development and Baker Tilly are professional, fully engaged and committed to the process and results of developing financially sustainable affordable housing. We have enjoyed working with their team of professionals who are always available and prepared to provide insight into the complex world of development and, more importantly, I always believed they were protecting our investment.”‒ Executive Director of the housing authority
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.