April 25, 2011
The Watertown, NY mixed-use affordable housing development is NDC CEF Development
The Affordable Housing Tax Credit Coalition (AHTCC) has announced that The Franklin Building, (Watertown, NY) has been selected by a panel of judges to receive an Honorable Mention certificate in the Rural Housing category for this year’s Charles L. Edson Tax Credit Excellence Awards competition. The Honorable Mention awards will be presented at a Capitol Hill Ceremony on Wednesday, May 11, 2011 from 1:00 p.m. – 3:00 p.m.
The historic (ca. 1904), three-story building, prominently situated on Watertown’s Public Square, was built as a shopping arcade and later served as a YWCA, but sat vacant and crumbling for years. Today, the Franklin Building is beautifully restored, and features 16 apartments for low-income residents above 13,000 square feet of commercial space. A project of Neighbors of Watertown, Inc., the Franklin Building benefited from $4.1 million in Low Income Housing Tax Credits (LIHTC) and Historic Rehabilitation Tax Credit (RTC) equity from NDC’s Corporate Equity Fund L.P. (CEF).
For general information about the Charles L. Edson Tax Credit Excellence Awards program, please visit theAHTCC website.
For more information on NDC CEF’s involvement with the Franklin Building, see the Jan 11, 2011 NDC blogarticle.