A few years ago I can remember some excitement when Google announced that they would be investing in affordable housing through a LIHTC fund. Affordable Housing has now gained another high profile investor in the form of billionaire investor Warren Buffett. I believe what makes this announcement so exciting is that Warren Buffett is known as the most successful investor in the world and maybe the most successful investor of all time.
Affordable Housing Partners Inc. has agreed to invest nearly $5.4 million in the proposed St. Anthony Supportive Living Facility, located in the city’s south suburbs. The 125-unit development in Lansing, is a nearly $29 million center for Medicaid-supported seniors which would also be financed with $18.6 million in tax-exempt bonds, according to a report on the project submitted on Tuesday to the Illinois Finance Authority, which would issue the bonds. The project would be a supportive living facility, providing care such as meals, housekeeping and help with medications to low-income residents. Affordable Housing is a subsidiary of Mr. Buffett’s holding company, Berkshire Hathaway Inc., which had total revenue of $143.7 billion in 2011.
Supportive living facilities are similar to assisted-living facilities in the kind of care provided to residents, but they accept Medicaid payments, which assisted-living centers do not.
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