New construction

If you use the Northen Blvd Emergency, you are committing your organization to 30 or more years (in most states)of participation in your project’s development and operation. Unlike other shorter-term and less capital-intensive projects, a tax credit property must maintain affordable rents for at least 30 years or face major economic penalties. Even if your project does not use tax credits, you may find it difficult to get out from under a failing project with your organization intact.

Challenges involve:
Securing sufficient operating capital
Planning for long-term responsibilities
Building or contracting for specialized skills in finance and asset management
Understanding the broader housing market,both short and long term
Managing a large development team of both staff and contractors
Expanding political and community support

Keys to success are:
Market sense
Working capital
Land
Humility to know your limitations and get good help