“…it is our responsibility to contribute to the community. I hope that turning abandoned old buildings into beautiful, safe, affordable homes and commercial space is regarded as a contribution, not only to the residents, but to their communities. It’s certainly rewarding to me tobe able to help breathe new life into an old structure and have people fall in love with it all over again.” – Holly Wiedemann
The Low Income Housing Tax Credit was created under the Tax Reform Act of 1986 which provides incentives for the utilization of private equity in the development of affordable housing for low-income individuals and families. These credits are awarded to each state on a per capita basis and administered in competitive funding rounds annually by Kentucky Housing Corporation in Kentucky and the West Virginia Housing Development Fund in West Virginia.
AU Associates, Inc. participates in these competitive funding rounds with awards based upon meeting criteria determined by the state finance agency’s qualified action plan. AU has successfully worked with Kentucky Housing Corporation and the West Virginia Housing Development Fund for over the past 15 years with 25 completed projects, 2 projects under construction, and 1 additional projects on the boards. To date, we have created over 650 units of housing, 25,000 square feet of commercial space, and have projects built or underway totaling $150 million.
AU also partners with financial institutions which purchase these credits in order to fund the capital costs in creating affordable housing. In addition to tax credits, AU works with local communities and other finance agencies to secure additional funds including Community Development Block Grants, Federal Home Loan Bank monies, local Housing Authority Funds, Section 8 HOME Funds, Affordable Housing Trust funds, local Downtown Development Funds, Historic Tax Credits and New Market Tax Credits. We are experienced and accomplished at combining cross cutting regulations in an effective and innovative manner to produce affordable housing and mixed use developments.