LIHTC // Affordable Housing Development (seeking advice)
Howdy internet,
I'm new to bigger pockets.
My background is in residential remodeling but I've always wanted to get into land development.
I found myself in Illinois running a solar company (I can self fund solar projects for a lot less than housing) and now have a lead on 1.5 acre lot that would be perfect for a LIHTC project.
I'm crunching the numbers now and it seems like it's a good deal -- but I've heard getting a LIHTC allocation can be a popularity contest.
Wondering if there's anyone here who has experience with these and would be willing to share some advice with me.
Cheers!
PS: we're looking to do 10 units (starter homes) @~ $125,000 per unit (i know ... I may be wayyy off on our cost basis but that's why I'm asking for help)