TAX CREDIT INVESTMENT

Wachovia’s Tax Credit Investment group was one of the first and continues to be one of few offering developers and communities full-service lending and equity investments in affordable multi-family rental housing properties and commercial properties with federal historic rehabilitation tax credits.

Our program provides developers and communities with turnkey, integrated financing packages for tax-credit qualified properties. We provide construction and bridge financing, coordinate permanent financings on these properties through institutional placements and securitizations, invest equity as a limited partner in low-income housing and historic rehabilitation tax credit properties, and manage portfolios of equity investments through the life of the tax credits.

Low-Income Housing Tax Credits:

Annual tax credit allocation of $250,000 or more
No geographic or building type restriction
New construction and substantial rehabs
1.15 DSC requirement (1.2 for rehabs)
Permanent loan rate locked at closing
Up to 85 to 90%of equity available during construction
Replacement reserves at $200 per unit per annum ($250 per unit -rehab)

Historical rehabilitation state tax credits are dependent on Wachovia tax position for any given state and current appetite.

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Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member FINRA/SIPC.

Debt and equity underwriting, trading, research and sales, loan syndications agent services, and corporate finance and M&A advisory services are offered by WCM.

Mezzanine capital, private equity, municipal securities trading and sales, cash management, credit, international, leasing and risk management products and services are offered by various non-broker dealer subsidiaries of Wachovia Corporation.