2019 Gateway Year-end Summary
With Gateway’s assistance, The Salvation Army of Wisconsin and Upper Michigan submitted an application to the Wisconsin Housing and Economic Development Authority (WHEDA) for an allocation of LIHTC, and also to the City of Madison and Dane County, WI for gap financing – both of which were successful contingent upon WHEDA’s approval in the spring.
We built on work with The Salvation Army Northern Division, in Minneapolis, MN, to plan for the future of various housing facilities. And in Alton, IL the Midland Division of The Salvation Army requested our help to consider relocation of a facility and the building of new housing, as well.
In Kansas City, The Salvation Army of Kansas and Western Missouri engaged Gateway to develop a plan for rehabilitation and additional housing in Kansas City, KS. It appears that this will lead to further work toward applications for LIHTC and other assistance in 2020.
Gateway worked with two clients in Missouri to submit applications for LIHTC. Fair Housing Partners, a new client based in Dallas with a property in need of rehabilitation in Kansas City, sought Gateway to guide them through the LIHTC process with the City and State. They received an LIHTC award, and this engagement will continue through construction completion and planning for the second phase of the property.
Below is a summary of the lending activity for 2019:
$1.9 million in loan closings/$2.3 in commitments
16 borrowers: 10 nonprofit, 2 CDCs, and 4 private developers
54 properties: 37 single-family homes and 17 multi-family properties
83 housing units
$0.6 million in loan closings/$0.4 in commitments
6 borrowers: 1 nonprofit and 5 private developers
17 properties: 14 single-family homes and 3 multi-family properties
23 housing units