Wallick Wire
     

Recently Completed Projects Reinforce Value of Federal
Low Income Housing Tax
Credit Program


Wallick-Hendy Development has been working with federal, state and local partners to preserve the stock of affordable housing in the Midwest.
An essential tool to its success is the federal Low Income Housing Tax Credit (LIHTC) program. Authorized and funded by Congress, this program makes it possible for Wallick and others to renovate apartment communities, while generating local taxes and creating jobs in the cities and towns where the properties are located.
Another benefit of the LIHTC program is that it can be used for a range of properties – urban, rural, family, senior and others.
Here are details on some recently completed LIHTC projects by Wallick-Hendy Development.

   

 

 


 

Wallick Continues Tradition of Industry Service

Led by CEO Tom Feusse, Wallick executives are volunteering their time and talent to the affordable housing industry.

Feusse was recently named President of the Board of the Ohio Housing Council. The Council works with affordable housing developers around the state to increase their participation in public policy debates and to contribute ideas on proposed regulatory requirements that could have a significant impact on the affordable housing industry in Ohio.

Earlier in the spring he spoke at the invitation-only Multifamily Executive Leadership Conference. He was one of 75 multifamily CEOs in attendance.

In addition, Wallick-Hendy Properties President Bob Daines was elected Midwest Affordable Housing Management Association’s Board of Trustees President. MAHMA is a professional association representing owners and managers of affordable housing in Indiana, Illinois, Ohio, Michigan, Minnesota and Wisconsin.

Principals Howard Wallick and Julie Wallick recently attended the spring meeting of the Affordable Housing Tax Credit Coalition in Washington, DC, where they advocated for the LIHTC program in Congressional offices with many other affordable housing business leaders from around the country.

 



       
The Berwick Hotel Apartments in downtown Cambridge, OH
With partners Ohio Housing Finance Agency, Ohio Capital Corporation for Housing, USDA Rural Development, Ohio Department of Development, National
Parks Service and Ohio Historic Preservation Office, Wallick led a $7.7 million redevelopment of this 48-unit rental community for low-income seniors that used LIHTC, historic tax credits and ARRA funds.
The renovation won the Ohio Capital Corporation for Housing’s (OCCH) 2012 Award of Excellence in Historic Preservation this spring. Preserving The Berwick Hotel Apartments generated more than $444,000 in local taxes in the first year; and created approximately 53 jobs.
Almond Village Apartments in Dayton, OH

This community has undergone a complete $6.4 million renovation using LIHTC as well as HOME and ARRA funds. Ohio Housing Finance

Agency, CountyCorp, Ohio Capital Corporation for Housing and the City of Dayton were partners with Wallick for this renovation.
Rehabbing Almond Village Apartments for seniors generated more than $369,000 in local taxes in the first year; and created approximately 44 jobs.

Five other Wallick communities rehabilitated using LIHTC:


Washington Court Apartments
Washington Court House, OH


Carrollton Village Apartments
Carrollton, KY


Rushville Commons
Rushville, IN

Skybird Manor
Greensburg, IN


Burnett Manor
Rockville, IN

Our team is working with other developers around the country to ensure Congress reauthorizes the LIHTC program so that this important work of providing safe, affordable and decent housing to everyone, regardless of income, can continue around the country.

6880 Tussing Road   Reynoldsburg, Ohio 43216-1023   614.863.4640   wallickcos.com