Month: November 2014

Drew and Holly Douglas Schaumber (MRED ’11), Principals with the Douglas Development Company in Aynor SC, spoke to the Public-Private Partnership Class about a 55-unit Low Income Tax Credit (LIHTC) project.

The project, just approved in Asheville NC, incorporated several layers of gap financing.  Students spent the prior week studying the LIHTC program including an assignment on determining tax credits and the capital stack for a proposed project in SC using the proposed Qualified Allocation Plan and Developer Tax Credit Manual for 2015.  Drew and Holly presented the financial details of the project including the Letter of Intent to purchase the credits. Since 1973, Douglas Development has developed over 5,000 senior and multi-family units in North Carolina, South Carolina, Georgia, Virginia, Tennessee and Maryland.

Ms. Tammy Propst, President of Tax Advantage Group since its founding in 2004, spoke to the Public-Private Partnership class about New Market Tax Credits (NMTC).

Ms. Propst has advised public and private organizations on the formation of CDEs, successfully authored New Market Tax Credit Applications totaling $520 million in funding, and advised both CDEs and borrowers in over $239.2 million of successful closings. She is part of the team that created Greenville New Markets Opportunity, (GNMO) LLC, the first allocated Community Development Entity (CDE) in South Carolina and became its Operating Officer, deploying $89 million of below-market capital to stimulate job creation and investment in Greenville’s low-income communities.  She used local and national examples to describe how the program operates.