Cleveland, OH (August 27, 2010) The NRP Group is pleased to announce that the Homes at Syracuse property located on the southwest side of Syracuse, New York received a 2010 allocation of $11 million in Low Income Housing Tax Credits (LIHTC). This new construction, single-family rental property will consist of 50 three and four-bedroom, two-bath residences ranging in size from 1,250 to 1,430 square feet.
This is the 15th 9% LIHTC award for NRP, its affiliates and joint venture partners during 2010 representing nearly $200 million in LIHTC scattered across Texas, Ohio, Indiana, New York, North Carolina and Arizona. NRP hopes to add one or two additional awards prior to year-end.
To date, NRP has closed 11 deals with 8 more scheduled to close by the beginning of November totaling $188 million in LIHTC and $242 million in real estate funding. Since 1995, NRP has developed over 220 LIHTC properties, representing over 16,000 units in 13 states totaling over $3 billion in real estate.
NRP is committed to the State of New York with a local based NRP developer strictly devoted to the northeast. NRP is currently the 9th largest apartment builder in the nation ranked by Multifamily Executive, and has been recognized as NAHB's 2009 Multifamily Development Firm of the Year and has been ranked number one in the Top 50 Affordable Housing Developers for 2007, 2008 and 2009 by Affordable Housing Finance.
For additional information regarding equity investment in the Syracuse property, please contact Michael Moses at 216.584.0666 direct or mmoses@nrpgroup.com.