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Combining LIHTC, Section 8 and Assisted Living

Fabiola Fleuranvil 

Today’s guest is Fabiola Fleuranvil, a real estate developer and the CEO of Blueprint Creative Group, a marketing agency. Fabiola’s real estate career began in 2003 when she purchased her first investments in Florida. Today, she is building a 138-unit assisted living facility in Detroit along with few investors. In this episode, Fabiola explains how a multi-family deal turned into a huge assistive living home project. She also sheds light on some of the challenges that she’s encountered along the way and the best practices that she learned through the years.

Important points in this episode

  • The assisted living home is 100% affordable.
  • Senior citizens account for 20% of Michigan’s population.
  • Fabiola’s assisted living home is not an out of pocket cost.
  • LIHTEC means Low Income Housing Tax Credits, a credit that the federal government allocates to each state.
  • The state of Michigan offers two periods in a year open for a credit application.
  • LIHTEC’s initial period lasts for 10 years and the extension period is another 10-15 years’ time.
  • Fabiola is looking for seniors who come with their vouchers, the tenant-based vouchers.
  • Fabiola’s ideal partner is someone with a thousand or more units under management and looking for a fresh mind to work into their space.

Resources

Quotes

  • “I learn by actually doing so I’m not one of those people who plan and over plan and read and over-read. I need to just stick my toe in and just do it.”