PITTSBURGH – May 13, 2020 – Buchanan Ingersoll & Rooney served as low-income housing tax credit (LIHTC) development counsel for Hudson Companies on the first nine percent LIHTC development to close in Pennsylvania in this funding round, following the Pennsylvania Housing Finance Agency (PHFA) reservation announcement in July 2019.
The financial closing occurred on April 30, 2019 and it involved an $8.1M construction loan from a bank and a $1.52M permanent PennHOMES loan from PHFA. The financing allows for the construction of a 39-unit multifamily rental housing development for seniors aged 62 and up consisting of one new residential building and other improvements to be known as Adams Place Apartments located in Cochranton, Pa.
The Buchanan team of real estate and finance attorneys led by shareholder, Michelle Yarbrough Korb, also included Jason D’Amico, shareholder, James McLean, shareholder, and LaToya Sawyer-Ndizeye, associate.
Founded in 1977 by President and Managing Partner John M. Hudson, The Hudson Companies’ investment and development portfolio consists of investment grade real estate including credit tenant leased facilities, multi-family apartment communities, medical office, and multiple commercial office facilities located in institutional investment markets. As an established general construction company, it specializes in educational, medical, office, and institutional facilities. The Hudson Companies has financed, developed, acquired, invested, and managed properties in Florida, North Carolina, Ohio, Pennsylvania, Tennessee, and Texas.