DETROIT BUSINESS WINS MAJOR NATIONAL AWARD FOR ITS WORK TO DEVELOP AFFORDABLE HOUSING FOR AREA VETERANS

THE NOVOGRADAC JOURNAL OF TAX CREDITS HONORS SPECIAL ACHIEVEMENT IN THE DEVELOPMENT OF AFFORDABLE HOUSING, RENEWABLE ENERGY, HISTORIC AND HUD-ASSISTED TAX CREDIT PROJECTS TO SOUTHWEST HOUSING SOLUTIONS’ PIQUETTE SQUARE

Piquette Square, a home, treatment and rehabilitation center for homeless veterans, located in Detroit, Michigan, was honored in the ‘Best Exemplifies Major Community Impact’ category of the Novogradac Achievements. Piquette Square serves as a sterling example of how tax credits may be used to meet community needs.

“Piquette Square is making a small, but instrumental impact in helping and housing the nearly 4,000 homeless veterans in the Detroit area by providing them with a safe and affordable place to live,” said GLCF President and CEO, Mark McDaniel. “These types of developments perfectly demonstrate how vital housing credits are.”

Veterans living at Piquette Square have access to substance abuse counseling, mental health counseling, on-site job training, educational programs with computer labs and other services to help them develop independent and healthy living skills. The development is located a mile and a half from the Veterans Hospital where other resources are available for them.

The Developments of Distinction Awards were established as an annual event to recognize excellence and outstanding achievement in the development of tax credit projects using the low-income housing tax credit (LIHTC), historic tax credit (HTC), renewable energy tax credit (RETC), Section 1602 Exchange Program grant funds and/or tax credit projects using U.S. Department of Housing and Urban Development (HUD) program financing.

“Each year we gather to honor the best and the brightest in the tax credit industry, and each year I’m amazed at the caliber of so many deserving projects; this year’s winners truly are members of an elite group,” said Michael J. Novogradac, managing partner of Novogradac & Company LLP. “It is heartening that there are so many deserving housing, historic and renewable energy tax credit developments being built to serve residents in need and, more broadly, serve communities in which they are located. I congratulate this year’s winners and invite all with a housing, historic and renewable energy development to enter next year.”

Full descriptions of the 13 projects winning Developments of Distinction Awards are available at www.novoco.com/dod.php.

The Novogradac Journal of Tax Credits is a leading national publication read by affordable housing and tax credit professionals who turn to its pages for industry information and news. This comprehensive, 80-page full-color publication covers not only the LIHTC, LIHTC compliance, valuation, and tax-exempt housing bond industries but also includes coverage of new markets, renewable energy and historic tax credits and HUD programs.