Both the 9% and 4% tax credit programs combine tax credit equity and hard debt to finance the majority of project costs. In most cases, a gap remains, requiring use of grant or “soft” loans. Some projects are too small to be realistic for tax credit investment or don’t meet LIHTC priorities. In the third session of OCDCA’s six-part Affordable Housing 101 Series, Roy Lowenstein of Lowenstein Development will cover various tools for rental housing gap financing. OCDCA is responding to member demand for this training series, so ample time will be allowed for questions.
Cost:
OCDCA Members: Free
Non-Members: $10
About the Presenter:
Roy Lowenstein has been a housing consultant, developer and an attorney for 41 years!
Prior to setting up Lowenstein Development, LLC in June, 2015, Roy provided Project Management and application preparation services as Senior Vice President at the Woda Group beginning December, 2013. Previously, he served as Vice President at Buckeye Community Hope Foundation 2006-2013, developing affordable housing in multiple states, particularly Ohio and Kentucky. From 2004-2006, he served as Director of Development at Columbus Housing Partnership, supervising CHP’s rental and homeownership development programs. From 1993-2004, Roy was employed as Vice-President of Development at Ohio Capital Corporation for Housing (OCCH), assisting with the financing and syndication of approximately 90 LIHTC projects across Ohio, as well as other non-profit-based housing efforts. During his last 2 years at OCCH, Roy was also director of OCCH’s development and lending subsidiaries. From 1988-1993, Roy worked at CONSOC Housing Consultants in Columbus on approximately 70 HUD-funded low-income housing projects for the elderly, disabled, and homeless.
He was employed by Association for the Developmentally Disabled, developing group homes and apartments for developmentally disabled adults. He then served as Executive Director of Friends of the Homeless for 3 years, during which time he helped initiate Friends' shelter, transitional housing, job training, and other programs. Roy's expertise is related to his knowledge and experience with real estate development, supportive services, and securing funding from federal, state, and local sources totaling more than 200 projects for these varied populations. He has participated on many non-profit Boards, including the Ohio Coalition for the Homeless, COHHIO, and currently serves on the Ohio Housing Council and the boards supervising the loan funds for both the National Housing Trust and Institute for Community Economics in Washington D.C.