Photo by Steve Adams | Banker & Tradesman Staff

A Blow To Affordable Housing Financing

A planned 61-unit affordable housing complex for senior citizens in Brighton ran into unexpected turbulence shortly after the presidential election when a crucial source of financing threatened to dry up. Developer Jewish Community Housing for the Elderly had received three letters of interest from investors for low-income housing tax credits it was awarded last August. After the election, all three parties reduced their offers by approximately $1.1 million amid a nationwide decline in the market value of low-income tax credits.