STRATEGY
LOW-INCOME HOUSING TAX CREDIT (LIHTC)
SENIOR
HOUSING
AFFORDABLE
& HAP
502
Units Acquired
14
U.S. States
CURRENT ACQUISITION CRITERIA
-
70 - 300 Units
-
$2,500,000 - $12,000,000
-
Project-based Section 8 HAP
-
Senior 62+
-
Long-Term Ownership History
-
Open to RCS Contingency
-
No Tax Credit Executions
Wisconsin
Michigan
Minnesota
Illinois
Iowa
Indiana
North Dakota
South Dakota
Colorado
INVESTMENT STRATEGY
Encore Development invests in project-based Section 8 (PBRA) multifamily communities in select Midwest and Mountain markets, with a mandate to preserve affordability, modernize buildings, and stabilize operations over long holds.
We prioritize properties with Housing Assistance Payments (HAP) contracts, where income streams renew under established HUD policy, reducing exposure to typical market rent cycles and supporting resident stability. Our program pairs careful market selection and conservative capitalization with disciplined asset management and capital planning, aligning building performance improvements with policy-backed revenue and measurable community benefit.
OUR TARGETS
We focus on HUD-assisted PBRA/HAP communities, family or senior-designated, located in Midwest and Mountain metros and regional centers with durable employment anchors, predictable regulatory environments, and sustained rent burdens. We underwrite a clear path to HAP renewal, coordinate with HUD or PBCA administrators, validate files and compliance history, and document deferred maintenance with third-party assessments.
Scale may be single assets or small portfolios where footprint density supports shared services and vendor leverage. Current focus areas include Iowa, Wisconsin, Michigan, Minnesota, Illinois, Indiana, North Dakota, South Dakota, Ohio, and Pennsylvania, with selective expansion where data indicate durable demand, manageable supply, and regulatory clarity.
CREATING VALUE
Our preservation playbook integrates contract durability, capital planning, and operations into one execution plan. At acquisition, we model rent-setting mechanics under HUD’s Section 8 Renewal Policy Guidebook (including Rent Comparability Study (RCS) requirements) and map renewal timing and documentation without speculative assumptions. We complete a Capital Needs Assessment using HUD’s CNA e-Tool to scope immediate repairs, replacements, and reserves; this anchors a sequenced CapEx program prioritizing life-safety, building systems, energy efficiency, accessibility, and resident experience.
Post-close, we drive operating discipline, preventive maintenance, vendor optimization, and compliance cadence, alongside targeted resident-service partnerships that support stability. Risk management emphasizes prudent leverage, interest-rate and reserve policies, and transparent stakeholder reporting, extending affordability and producing resilient cash flows aligned with mission and policy.