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.