Four FAQs for Towns Wanting Affordable Housing
1. Why should a town partner with Project Freedom to build their affordable housing?Project Freedom Inc is a non-profit housing developer who has a proven track record of building quality housing communities that have long lasting appeal. We use Energy Efficient products and environmental friending materials, which are good for the environment and provide long lasting sustainability. All our units are accessible, and barrier-free which means that anyone, even someone who uses a wheelchair can live and move freely within our apartments. Finally, Project Freedom owns and manages our communities…we are in for the long term, not just build and leave once completed, like many for profit developers. We truly believe that we are full partners with the town when we create our housing.
2. How does Project Freedom finance their projects?
Our main source of financing comes from the Low Income Housing Tax Credit Program (LIHTC) which is a federal program that awards tax credits to the States based on each state’s population. We also apply for County HOME funds, Federal HOME Loan Bank Funds, and welcome any municipal funding that may be available. We welcome the use of municipal funds from the Affordable Housing Trust Funds to purchase the land or properties, upon which we can develop. This Municipal partnership funding also gives our projects the additional points on our LIHTC application which improves our chances of winning the tax credit award.
3. What are some of the requirements of a Town that partners with Project Freedom?
By becoming a municipally sponsored project, our housing community works as housing partners with the town’s planners and engineers to design a site which is in conformance with all the towns local ordinances. The Town truly helps to design our housing with their recommendations, ensuring that what is ultimately built is in conformity with the town’s preferences. Our funding requires that the town grant a PILOT which conforms to state law. Help with variances and zoning accommodations always helps in facilitating the approval process. Contributing land is a big plus as mentioned before, in getting a project off the ground. Availability of water and sewer are a requirement for our multifamily housing however our housing communities are usually between 60 and 90 units, which are not the usual massive housing numbers sought by other developers.
4. What benefits can a town point to, when partnering with Project Freedom?
Project Freedom has a long standing reputation in building quality communities which are maintained to the highest standards, maintaining properties that any town would be proud to welcome. We invest thousands each year in upgrading our site with new sidewalks, paving and landscaping, maintaining ultimate curb appeal. We inspect our units every other month, so as to keep our tenants apartments always in well maintained condition. We maintain yearly pest control contracts for all our sites with inspections for each apartment so as to maintain and control any possible rodent conditions. Our oldest communities still look like new because of these efforts.