Dealmaker: Alliant Capital Arranges $40M for California LIHTC Property
(Shiloh Crossing, Windsor, Calif.)
Alliant Capital, Woodland Hills, Calif., announced a $40 million investment in Shiloh Crossing, a new construction of 171 Low Income Housing Tax Credit units in Windsor, Calif.
A team led by Senior Vice President and Chief Production Officer Dudley Benoit and Managing Director Jennifer Erixon syndicated the tax credits to the project’s development and ownership team, Integrated Community Development and Corporation for Better Housing, both headquartered in Woodland Hills. The property is intended for families with incomes up to 30% to 70% of the area median income.
“Shiloh Crossing embraces the concepts of transit accessibility, pedestrian-friendly design, inclusiveness and sustainability,” said Jake Lingo, Senior Vice President at ICD. He noted the property will will help alleviate Windsor’s housing shortage .
CBH Executive Director Lori Koester said Alliant has partnered with CBH to build 59 properties totaling more than 3,730 units. Alliant, ICD and CBH recently worked on a similar project in Sonoma County, a new construction called Baumgardner Terrace with 101 LIHTC units generating $26 million of federal LIHTC equity.
Erixon said Shiloh Crossing will generate $40 million in Federal Low Income Housing Tax Credits, $5.5 million in California state tax credits and more than $300,000 in energy credits. “The state and federal LIHTC programs are essential tools to address the growing housing crisis throughout the country,” she said.
Located in a mixed-use neighborhood in northeast Windsor, Shiloh Crossing will include a five-story “U”-shaped North Building with 130 units and a four-story mixed-use South Building with 43 units and two large commercial spaces, administrative offices and community space.