April 5, 2018
NDC Corporate Equity Fund (CEF) XIV announced the closing of Inn at City Hall/Kennebec Plaza located in Augusta, Maine. Inn at City Hall is familiar to CEF as it was originally in Fund III and our partners, Housing Initiatives of New England Corporation (HINEC), added the neighboring property, Kennebec Plaza into this 4% Low-Income Housing Tax Credits (LIHTC) transaction.
Kennebec Plaza is a 67‐unit Section 8 senior housing community consisting of 60 one‐bedroom units and seven two‐bedroom units. The project serves elderly age 62 and over with incomes under 50% of the area median income with 10% of units set aside for people with disabilities of any age. The building was constructed around 1980, but has recently been remodeled. The funds from this syndication will be used to add three new units – bringing the total to 70 units for this building and adding a new entryway, and adding solar installation.
The Inn at City Hall provides 31 assisted living units for low and moderate‐income elderly individuals age 55 and older. The original City Hall building was constructed in 1896 and was converted to The Inn, a licensed assisted care facility, in 2000. About half of the tenants (15) have vouchers, and pay 30% of their income for rent. The remaining 16 tenants pay a subsidized rental amount, based upon the bedroom size and their income category (50% or 60% of area median income). The funds from this syndication will be used to update systems, refresh common areas, improve the commercial kitchen, add a new entrance, and office and retro-fit for energy efficiency.
The equity investment of $4,154,211 is based on the project receiving LIHTCs, federal Historic Tax Credits and Solar Tax Credits.