Premier LIHTC Community 30 minutes from Fort Wayne IN

Colliers is pleased to present North Ridge, a 40-unit 100% affordable community located in Columbia City, IN. The property boasts a convenient location, offering residents effortless access to US Highway 30 and benefits from the rapid expansion of Fort Wayne. Constructed in 1997 and in good physical condition, North Ridge offers community amenities including a community room, playground, pet friendly, and in-unit washer and dryers.

The property was placed in service in 1998 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The Use Agreement requires a 15-year compliance period that is followed by a 25-year extended use period. Under current regulatory agreements 60% of the units are restricted to tenants making no more than 60% area median income (AMI), while 40% of units are restricted to tenants making no more than 50% AMI. These restrictions are in-place until the end of the extended use period in 2038. With a proven track record of stable occupancy and well below max allowable rents, new ownership will acquire a cash-flowing asset with potential long term upside.