Everett Housing Authority is planning a Year‑15 LIHTC exit and recapitalization of Broadway Plaza, a 190‑unit senior and disability housing property with 183 PBV units in two high‑rise buildings. The property has reached the end of its 15‑year tax credit compliance period, and EHA intends to acquire control from the investor limited partner, place permanent financing, pay off interim debt, and then complete a renovation of the property. EHA has already engaged legal counsel and a financial consultant to help develop an exit strategy, analyze interim financing options, negotiate with the investor, and plan reserve spend downs, with closing anticipated in Q1 2027.Renovation scope and delivery strategy are not yet defined in the packet, which positions construction contractors, architects/engineers, energy retrofit providers, and capital planning consultants to influence rehabilitation plans and financing assumptions prior to formal procurement for the renovation phase.

The 2026 capital budget includes $981K of capital work at Broadway Plaza as part of preparations for the Year‑15 exit, indicating immediate building needs and staged rehab work.