Notre Dame

justnick · Post by **justnick** » Fri Oct 30, 2009 9:18 pm

Word in the hood is that Notre Dame Convent is converting the old school into general public apartments in order to help pay for Seven Oaks.

Post by **Brad** » Sat Oct 31, 2009 3:26 pm

Do you have any information for those of us that have no clue that you are talking about?

Most importantly locations?

justnick · Post by **justnick** » Sat Oct 31, 2009 3:31 pm

Notre Dame convent on 36th and state. It's connected to said seven oaks retirement center.

Historic Omaha · Post by **Historic Omaha** » Sun Nov 01, 2009 9:16 am

The planning of the project has been in the works for some time now. Â They have been allocated Low Income Housing Tax Credits and planning on applying for Historic Tax Credits. Â Because of the economy, the LIHTC are not worth much and very few people want to buy them. Â The Historic Tax Credits are still strong. Â Because of the low value of the LIHTC the developer applying for TCAP or Section 1602 funding but NIFA did not receive the allocation from NIFA. Â Right now the project is on hold - unless you-all know something that I do not.

Historic Omaha · Post by **Historic Omaha** » Sun Nov 01, 2009 9:22 am

I am really terrible at typing quickly...

I meant to type -

Because of the low value of the LIHTC, the developer applied for TCAP or Section 1602 funding ( I can't remember which one) but NIFA did not allocate any of those funds to the project. Â TCAP and Section 1602 are HUD funding programs (I think partly associated with ARRA). Â Basically HUD is buying back already allocated and unused credits and giving state allocation agencies (like NIFA) cash value for those credits in the form of grants. Â LIHTC applicants can then use this funding to offset the low value of the LIHTC (gap financing).