Hunt Capital Partners (HCP) announced steps to preserve affordable housing for low-income families in Dothan, Alabama. In a coordinated move, HCP has secured permission from the Alabama Housing Finance Authority (AHFA) to amend the Declaration of Land Use Restriction Agreement (LURA) for Beverlye Crossings and terminate the Qualified Contract option, representing HCP’s commitment to affordable housing.
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Aerial photo of Beverlye Crossings affordable housing development in Dothan, Alabama. (Photo: Business Wire)
Located at 210 Crossing Lane, Dothan, Alabama, Beverlye Crossings, a 104-unit garden-style apartment complex, offers a mix of two- and three-bedroom homes reserved for renter households who earn up to 60% of the Area Median Income (AMI). Through this latest initiative, HCP not only underscores its dedication to preserving quality affordable housing solutions but also guarantees the development’s continued affordability through the end of its Extended Use Period in 2045.
HCP voluntarily waived the right to terminate the property’s Extended Use Period through a Qualified Contract, as outlined in Section 42 of the Internal Revenue Code. The provision would have allowed the property owner a path to remove rent restrictions and convert the property to market rate. By removing the Qualified Contract provision, HCP ensures that, regardless of future ownership, the development will remain affordable, safeguarding the community’s access to quality, low-rent housing solutions.
“This forward-thinking decision reflects HCP’s deeply rooted mission to protect the availability of affordable housing, which is critically needed nationwide,” said HCP President Jeff Weiss. “By choosing to amend the LURA, HCP reaffirms its pledge to support the communities we serve through the preservation of affordable housing.”
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. Investment in affordable housing improves the living conditions of its residents. It helps remove obstacles that impede creation of a healthy, safe, and stable home environment for low-income families and seniors' families spend less on housing-related expenses, they have more resources for other essentials such as food and clothing, extracurricular activities, and educational programs. One of the most significant benefits of providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
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Contacts
MEDIA CONTACT
Carolyn Baker
Senior Vice President
Hunt Companies, Inc.
carolyn.baker@huntcompanies.com
