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Old 09-28-2005, 08:46 AM
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Default Acquisition of Mature Low Income Housing Tax Credit Apartments

A number of investment groups are buying up portfolios of mature Low Income
Housing Tax Credit apartment properties nationwide.

The business motivations are either to do a refinancing and continue the
usage as affordable housing, perhaps also structuring a management role; or to
convert to a market use; or to arrange in the future a sale of the property to
tenants or other third-party buyers, institutions, or bigger nonprofit housing
chains.



The underwriting profile is often like the following :


* Properties at minimum of 15 years into operations.

* Each constituent apartment tax credit property is at more than 100 units.

* Single assets or portfolios.

* Sizes of assets at minimum of $5 million to larger portfolios of $150
million.

* Multifamily or Elderly, probably with a slight preference to pursuing
Elderly.

* Stable neighborhoods, with prospects for growth.

* Nationwide.




We are not the principals, but are structuring new ventures.

If you have an access to these properties or portfolios, please call Mr.
Margolin of Chilmark Associates Inc. at 203-353-0897.


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