September 29, 2020
The awards recognize excellence and honor outstanding achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.
“Winners of the Developments of Distinction Awards are great examples of how the LIHTC and HUD financing can benefit entire communities and show the importance of affordable housing,” said Rebecca Arthur, MAI, conference chairwoman and Novogradac partner.
The LIHTC development that best exemplifies metropolitan community impact is The Eastman Reserve in Rochester, N.Y., built by developer PathStone Corporation. The development includes 187 affordable apartments and is adjacent to the industrial Eastman Business Park. The Eastman Reserve is part of a larger plan to transform the surrounding community into a safe, sustainable residential area that connects itself to existing amenities including employment opportunities, trails and parks.