Leveraging the Tax Credit Program
Hotel Redding, a CCH Community in Redding, California, is a vital resource to the local community serving as a 96-year old historic landmark, providing senior housing and local retail space. The site was acquired and rehabilitated by CCH in 2002 using the Low-Income Housing Tax Credit (LIHTC) program. CCH recently became the full owner of this 50-unit affordable housing community.
The LIHTC program is a dollar-for-dollar tax credit for affordable housing investors which have helped finance senior housing for the last three decades. Our investing partner, Merritt Community Capital out of Oakland has closed out a 15-year investment and withdrawn from the partnership leaving CCH in a full ownership position. CCH will continue to follow up with its remaining 40-year pledge to the state of California to retain this community as affordable for seniors. Hotel Redding was CCH’s first use of the federal tax credit program in 2002.
CCH will be completing several other “year 15” transactions in the next 2 years and is excited about the future for these properties.
CCH CEO and President Don Stump shares, “We are elated to have completed the full course of the LIHTC program from start to end, soup to nuts and successfully passed each years required program reviews. It’s a milestone for our organization and reflects on our ability to efficiently meet and often exceed expectations.”