Big congratulations are in order for Mercy Housing Lakefront and their Major Jenkins Apartments development for receiving Novogradac & Company’s 2022 historic preservation award for a residential development that best exemplifies major community impact.  The project, located in Chicago’s Uptown neighborhood, entailed the adaptive reuse of two former hotels into an affordable housing complex that now provides 156 units of housing to formerly homeless and/or disabled tenants.  Included in the substantial renovation of the properties were refurbished residential units, redesigned and improved common area spaces, added air conditioning, and improved amenities including full Wi-Fi for the tenants.  All of this rehabilitation work was done in line with historic rehabilitation standards.

Clocktower was able to assist with the Illinois Affordable Housing Tax Credit (IAHTC) equity and facilitate the transfer for Mercy, providing a valuable source of equity available for the complex rehabilitation process.  We are very proud of the work of Mercy in providing terrific living situations for society’s most marginalized individuals across Chicago, and we are very pleased that Major Jenkins is receiving the national recognition that it deserves!

Clocktower is ready to help all Midwest affordable housing developers looking to preserve real estate through the use of historic and affordable housing tax credits, both with state and Federal equity.  If there are any questions or similar projects seeking a tax credit equity source or a path for tax credit eligibility, please reach out to David Curtis at (978) 440-0742, or email him at DCurtis@ClocktowerTC.com.

David joined Clocktower Tax Credits in 2016 as an Acquisitions Associate specializing in Real Estate-based tax credit transactions.  “David has proven to be an incredibly valuable member of our staff,” said President Jeff Jacobson, “and we look forward to him continuing to leave his clients 100% satisfied with the services of our firm.”

During the past six years that David has been with Clocktower Tax Credits, his dedication and commitment to state and federal Affordable Housing and Historic Rehabilitation tax credit programs nationwide has helped real estate developers access financing through the monetization of tax credits.  In addition, his overall understanding and enthusiasm for the various incentive programs, assisting firms in subsidized financing for exciting new business developments in severely distressed communities, helping to create jobs and economic activity in marginalized areas in his Midwest and Western territory, has proven to contribute to the firm’s growth.  “It has been an exciting 6 years on the Clocktower team at the forefront of real estate development!  From ground-up urban Chicago developments revitalizing some of the city’s most impoverished neighborhoods to historic rehabilitation projects across Texas and Louisiana, we’ve been able to make a real difference as partners for so many worthwhile developments.  I’m looking forward to continue building Clocktower’s capabilities to deliver value and tax credit solutions to our developer clients!”

David brings extensive expertise and experience to his expanded role.  “In Illinois and Chicago, specifically, David has navigated the complicated terrain to see close to a billion dollars of affordable housing created or saved,” said Jacobson.  Please join us in congratulating David on his promotion as Senior Acquisitions Associate at Clocktower Tax Credits.

For developers with prospective Historic rehab or Low-Income Housing tax credit projects seeking Federal and/or State Historic tax credit equity of any kind, please contact Senior Acquisitions Associate David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.

Clocktower Tax Credits, LLC is sad to report that Acquisition Associate Sue Ellyn Idelson is retiring from the firm effective July 18, 2022.  Sue Ellyn joined Clocktower in 2015 and was instrumental in the firm’s growth over the last seven years.  Sue Ellyn engaged with real estate developers across the eastern US and helped dozens of them obtain financing through the sale and monetization of their Tax Credits.  She was instrumental in the financing and development of thousands of units of affordable housing throughout Massachusetts.  She also specialized in the Florida Voluntary Cleanup Tax Credit, serving on the Board of Directors of the Florida Brownfields Association, while raising millions of dollars of equity to finance the environmental remediation of dozens of contaminated sites.

“Sue Ellyn put her heart and soul into her work,” said Clocktower President Jeff Jacobson, “and she developed strong relationships with so many of the parties integral to completing these complex financial structures.  She believed strongly in the projects that gained support from both the local communities and the State agencies providing subsidy to improve the built environment.  Her steady hand and can-do attitude will be missed by us here at Clocktower, as well as by those in industry.”

Sue Ellyn intends to focus on her family, travel, and pursuit of her multiple interests during retirement.  All of us here at Clocktower thank her for her many years of service, and wish her nothing but the best in this exciting time.

Clocktower Tax Credits, LLC is a national broker of State and Federal Tax Credits.  We work across the Real Estate, Renewable Energy, and Film & Digital Media industries, helping developers and producers secure financing through the sale or syndication of their projects’ tax incentives.

To schedule a meeting or site visit with a Clocktower associate, or hold an exploratory phone call or Zoom session, please call President Jeff Jacobson at (978) 823-0200, or email him at JJacobson@ClocktowerTC.com.

Clocktower Tax Credits, LLC was proud to be invited to the City of Boston’s celebration of the ongoing revitalization of Jackson Square in the city of Boston.  The celebration featured three affordable housing developers: Jamaica Plain Neighborhood Development Corporation (JPNDC), Urban Edge, and The Community Builders (TCB).

The three developers have been working hand in hand with the City of Boston for over 17 years on an initiative to redevelop more than eight acres of vacant land to increase the number of affordable rental housing units by 300 in the Jackson Square neighborhood. That number has long been surpassed and now stands at 487 with more to come as more of these projects are placed in service.  With limited parking in the City, one of the features of this location is the easy access to the Jackson Square MBTA station, giving residents easy access to Boston and its surrounds.

Clocktower is one of the funders providing tax credit equity to TCB’s project, named 250 Centre Street, that will create 76 new affordable housing units amongst the 219 units being created in total by the three developers.

If you have a project in Massachusetts, or anywhere in the country, that needs investor tax credit equity, don’t hesitate to call us.  We work with developers with prospective Low-Income Housing, Historic Rehabilitation, or other tax credit projects seeking Federal and/or State tax credit equity, and other unique state incentives such as the Pennsylvania REAP credits and the Massachusetts HDIP credits.  For inquiries, please contact Sue Ellyn Idelson at (978) 793-9574 or SIdelson@ClocktowerTC.com.

Chicago’s existing naturally occurring affordable housing stock decreased over 10% in the past decade, highlighting the need for continued tax credit-based development to provide housing to Chicago’s most vulnerable tenant populations.  The Preservation Lab, an urban planning research effort by DePaul University and Preservation Compact, researched the changing housing landscape.  They found that from 2012 to 2019, the total stock of existing affordable rental housing in Chicago dropped 10% while in the same period, overall rental housing supply increased 4%.  This shows a prioritization of market rate developments focused on larger multifamily projects in high cost of living neighborhoods in the city, targeting higher income tenants while oftentimes eliminating lower-cost housing stock on the site.

This is not the only way that non-tax credit affordable housing stock has been lost.  In many scenarios, the appreciation of property in a neighborhood as it gentrifies and subsequent rent increases prices the unit out of consideration for lower-income tenants.  In fact, the share of units with gross rent of $900 or less decreased from 40.4% in 2010 to 18.1% in 2019.  In addition, higher rates of ownership changes for the properties create a scenario in which more units become owned by newer investment groups, which seek immediate returns on their property and the higher valuation that they had to pay.  All of these factors create a current housing landscape in which market forces are driving developers away from existing, cheaper stock for lower-income tenants.  This highlights the need for the development of affordable housing through the use of the Federal LIHTC and state affordable housing tax credit programs, which create permanent supplies of housing for the most vulnerable populations in Chicago.

Clocktower is ready to help all Chicagoland clients looking to build needed units while using tax credits for preservation work or for new construction.  If there are any questions or similar projects seeking a tax credit equity source or a path for tax credit eligibility, please reach out to David Curtis at (978) 440-0742, or email him at DCurtis@ClocktowerTC.com.