Parameters for Developers for Low Income Housing Program

[Edward Tuggle]

The Developer must own the land

We are willing to do raw land but would rather use raw land

Section 42 would qualify for new construction or start up development. However, it would require coordination from the city housing authority that it would qualify for low income housing zoning and need demand letters from HUD or VA that demand can meet development.

. When was it purchased?

.How much was the purchase price?

.How long was the property owned?

.Location of property?

.We need resume and an executive summary?

The Program for Developers is as follows...

The most difficult hurdle for acquiring low-income housing, buying the property without capital. This is where we can help. Obtaining financing is especially critical with for-profit developers, whose projects need to make financial sense at the  end of the day.

This is how we can make it happen for you. The investor puts up the equity and debt and own 99.99% of the property. They take the depreciation. A partnership is put in place. You become the general partner and investors take up to 20% of the income, the balance is divided  up. Section 42 runs for 15  years with the same "owners".

Edward Tuggle Independent Private Consultant Office 281-599-9954 Cell 281-704-0115 [e-mail]