New Development Projects
NCF is exploring development of new manufactured housing communities that would use best-practice design, community solar projects, and where practicable, city-owned streets and other infrastructure. NCF would pursue projects in partnership with an experienced Low Income Housing Tax Credit developer. Based on preliminary models, project financing would rely on a combination of HUD 221(d)4 financing with 4% Low Income Housing Tax Credits. The projects would be structured initially as a leasehold cooperative, where residents would be renting both the homes and the land beneath the homes through the 15-year compliance period. At Year 15, the residents would purchase the homes and the land beneath their homes and become owners of their own communities.